Hello BP members!
I first like to say what a community! Very good advice on the forums but now I would like your help!
My parents are legal immigrants that have established a good dry cleaning business in the metro Detroit area. I realized that it would make sense for their business to purchase a commercial building so that they have some equity in the building while they operate their business, instead of paying ridiculous rent. Commercial buildings seems like they're not doing so well because you know Amazon... But that means its great for business's that tend services/necessities. So ill just get straight to the question:
What are some creative financing options for my parents on a $300k+ commercial property?
I have talked to a few mortgage officers and they seem to give me a hard time on even getting a loan for an investment residential property for $100k since we purchased a home 3 years ago. The business is doing a gross profit of at least $240k but on my parents individual taxes is showing only 70k because of our CPA. I have talked to a few SBA lenders but they haven't gotten back to me so if theres anybody that knows how we can tackle this situation, I would appreciate it!
