Commercial Real Estate Newbie
Hello, I am needing a bit of guidance for my first commercial investment property. I've been investing in residential for about a year and a half now. I also own a gym and have been looking for a new building. I finally found one that I would like to purchase and essentially lease back to my gym to use. The lender I contacted is requiring a 15-20% down payment. I went into this investment knowing that I would need to put some money down but wondering if anyone knows some loan packages that might require less money down, or some creative ways to come up with such a big down payment. The building is $575,000 and even if I refinance or heloc my current house I can't come up with the $100k-120k for a down payment. Is this a nonstarter? Should I walk away. I don't know how people get into commercial without having hundreds of thousands in the bank?
Thank you for your help.