Purchasing Commercial Property - Ideas to Leverage
Hey All! Right now we are in the process of looking to buy a property to relocate our existing small auto business (from Newark to Elizabeth). We found a great property which is 3 blocks away from a major highway, close to industrial businesses/shopping center and minutes away from downtown area. Current list price is $475K , taxes at $10,000, approx 6,000 Sq. Ft. Want to know what other ways besides traditional financing could be done to acquire this property? We currently own a Single Family Home and a Multi Family unit and would leverage these if we could. Would like to hear all ideas and inputs! Greatly appreciate it!
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@Carlos Albarracin outside of all the ways discussed on BP(HELOCS, seller finance, private money, 1031 etc.), there are SBA loans & IDA loans that can help businesses get to 80 or 90% LTV as opposed to the typical 70% for a commercial building.