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Updated almost 15 years ago on . Most recent reply

User Stats

7
Posts
3
Votes
Joey Rodriguez
  • Foreclosure Specialist
  • El Paso, TX
3
Votes |
7
Posts

Need help on Texas Commercial Deal

Joey Rodriguez
  • Foreclosure Specialist
  • El Paso, TX
Posted

Hello fellow investors. Being that this is my first post, I hope I have posted this question in the right place. Here is my question. Is there any lenders that will lend in Texas for a commercial building in a great location. Unfortunatly I have my funds tied up in a seperate deal that I have under contract but not yet able to close therefor tieing up my capital. In essence, the property is a government entity owned commercial building, off the interstate 10 gateway (making it highly visible), blocks from downtown El Paso. The problem is, in order to be able to make an offer on the property, I must submit a cashiers check or money order (liquid funds) and not a proof of funds letter or bank letter or any other letter. It is a great buy! The offer is for 95K, valued by the city at 285K, and comped at around 190K as-is. I intend to turn this deal pretty quick as I will be wholesaling it. I recently purchased a seperate commercial property from them for 38K in which I have my funds tied up into but have it under contract for 130K. This just 1 month into buying it. Any resources I can turn to? Thanks in advance everyone.

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