Updated almost 5 years ago on . Most recent reply
Small Commercial Property Financing without income
I'm running a small business at a slight loss so I won't be approved for a loan based on my Income. I found a commercial property, a small auto shop at a 10% cap rate but qualifying for financing will be tricky without income. I have 30% down payment ready to go, it is a small property under $500,000. There is a tenant with a lease in place for the next 5 years including a nice $200 rent hike 2 years in. I already am a small partner in one other commercial property so I think that will help getting the loan on this one but without income I am not so sure. The 5 year lease is more than enough to cover the mortgage payment if I could get approved.