Looking for a Commercial Lender — Mixed-Use, Staten Island, NY

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Looking for a Commercial Lender — Mixed-Use, Staten Island, NY

Yong Lin
Real Estate Agent · Staten Island, NY · Member since 2016 · 7 posts · 9 votes

I’m representing a buyer on a mixed-use property on the North Shore of Staten Island:

The building consists of: 

  • 2 residential (1 vacant, 1 occupied)

  • 2 commercial (both vacant)

Most local lenders I spoke with aren’t comfortable financing vacant commercial units.

Looking for any lenders or brokers who’ve successfully funded similar deals —
Appreciate any leads or advice 🙏

— Yong

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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    9mo
    Quote from @Yong Lin:

    I’m representing a buyer on a mixed-use property on the North Shore of Staten Island:

    The building consists of: 

    • 2 residential (1 vacant, 1 occupied)

    • 2 commercial (both vacant)

    Most local lenders I spoke with aren’t comfortable financing vacant commercial units.

    Looking for any lenders or brokers who’ve successfully funded similar deals —
    Appreciate any leads or advice 🙏

    — Yong

    Value? You’re gonna need a bridge lender. I know a ton of bank that will do this but buyers will need a stabilization and exit strategy.
    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
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    0Reply
  • Joel Weiser
    Lender · NY · Member since 2024 · 32 posts · 11 votes
    9mo

    I can offer a bridge for now. Once it's occupied we can refinance it to a DSCR loan. I'm in NY as well. Let's connect

    0Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    9mo

    Hi Yong, 

    Have you tried utilizing BP's lender finder? It's a great tool to find lenders that have the relevant experience you need for a deal.

    Best of luck!

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    9mo
    Quote from @Yong Lin:

    I’m representing a buyer on a mixed-use property on the North Shore of Staten Island:

    The building consists of: 

    • 2 residential (1 vacant, 1 occupied)

    • 2 commercial (both vacant)

    Most local lenders I spoke with aren’t comfortable financing vacant commercial units.

    Looking for any lenders or brokers who’ve successfully funded similar deals —
    Appreciate any leads or advice 🙏

    — Yong


     Why are they vacant? Is there any rehab needed? 

    Just as others stated, a bridge loan will be the way to go on this. Most long-term lenders want to see at least 70% occupancy to finance this. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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    • Yong Lin
      OP
      Real Estate Agent · Staten Island, NY · Member since 2016 · 7 posts · 9 votes
      9mo

      @Erik Estrada The current owner doesn't have the time to manage it, it has been vacant for more than 3 years. With that being said, the only loan that will be qualified is a bridge loan?

      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      9mo
      Quote from @Yong Lin:

      @Erik Estrada The current owner doesn't have the time to manage it, it has been vacant for more than 3 years. With that being said, the only loan that will be qualified is a bridge loan?


       Got it. 

      Yes. Typically most long term lenders want to see 70% occupancy. A lot of the larger commercial banks may also require 12 months income history (there are some that don't) but something to keep in mind. 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      9mo
      Quote from @Yong Lin:

      @Erik Estrada The current owner doesn't have the time to manage it, it has been vacant for more than 3 years. With that being said, the only loan that will be qualified is a bridge loan?


       You might also have a shot securing long term financing if you can secure leases BEFORE the appraisal. 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
      0Reply
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