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I would say look for a motivated seller and try for a lease option. That is
to lease/rent it for 24 to 48 months and then be able to use some of the payments towards the down payment.

This will give you time to improve your credit and to make your place success and also to lock in a purchase price at today's rate.

There are many restaurant property owners who have lost their tenants and may even have a fully stocked kitchen. If you drive be a recently closed place, write down the address, look it up in the tax records and call the owner and tell him what you want to do.

Also consider posting a free ad on craigs list with your proposal and see if you get any bites there as well. Good luck!

REI,

Thanks for the suggestion. I actually posted this intro there and it ws moved here because I'm new to the site.

Regarding your question of regulation, we have a REIT and a group on 17 Credit Unions that provide a large portion of our capital. We also have our own money which we use primarily to fund mezzanine loans. Standards of compliance according the US laws governing these types of bodies. We have a bid to buy 3 banking institutions right now as well. One in Europe, one in Barbados and one in Miami, so I'll keep you posted as these present opportunties for assistance.

For Proof of Funds, this is a pool of private investment capital.

Regarding commercial lending, it's tough but not impossible. A lender looks at a property as if they already own it, so we will add additional expenses to the list which would be our costs if we owned it regardless of the present expenses.

Then the net operating income (after expenses) is used to make an income based valuation. As a rule of thumb 12 times the NOI for office, retail, wherehouse, hotel; 14 times the NOI for multifamily, and 10 times the NOI for special purpose properties. Then we'll lend anywhere from 65-80% of that number for 1st position deals, and up to 100% for creative deals or undervalued purchases with potential.

I hope this helps.

This is Mitch Holland from Trillions Capital Group. We are a private
commercial lender and banker. We do deals primarily USA and some Internationally when feasible.

We offer both lending facilities and a Proof of Funds service for collateral enhancement.

Please feel free to write me back in you have any questions about
a deal that you need a bankers opinion on. We are always happy to help when we can.

Thanks!

Mitchell Holland, Director