All Forum Posts by: Account Closed

I own a commercial property in one of Chicagos hottest neighborhoods. I've been trying to refinance and nobody will touch it because of my BK back in 2010 because of the crash. So now I have been forced to make some creative options for myself. What I am offering is for someone to get approved and pay off my balance of 399k and that would buy them 50% as an equity partner stake of the property. The building appraised at 825k, which is what I will be listing it on the market. I would rather keep it than sell it because over the years,but I will sell it if I have to. Would you take this deal?

Anyone know of a good lender?

Originally posted by @Brie Schmidt:

@Account Closed it is going to depend on how you did your taxes.  Is it on a Schedule E or a schedule C?  That is what they will look at.  

 Ok i know this... But which one is better to get a approved? for a commercial mortgage?  It is currently a schedule c

I need to see which way would work out better to refinance my building. I own a mixed use property and majority of the property is for my vacation rental business. Would it be better to show a bank as if it were a traditional rental property with market rent leases 7000 per month. Or should I should I show a business income (1120s) of a gross of 15k per month. Any advice would help, I know vacation rentals are a new thing for the banks and they get scared and don't know what it is. Thanks!

Need to refinance my building. Lots of lenders tell me that they only do deals of 1 million and up. I only owe 409k. Anyone now of a lender who finances smaller deals? Thanks in advance. Omar

I need to pay off my 409k balance and no bank is taking me serious. I have a commercial building that nets 7500 per month. Any advice would be appreciated. Thanks - Omar

I have a Duns number and also use a code for hotels and motels. You have to start out with accounts like Uline and Grainger. They report to dandb right away.

I would do both. Invest 10k and pay off 10.

I would do a month to month

be careful.   I used to use them a lot and they deactivated my account for no reason but being in an urban market.   I have my own website and use google s adword