Need Expert Guidance

[Carrie Miller]

Hi!

I would like to seek your expert advice.
I'm very interested in a corner lot commercial property on Main Street, located within a mile of elementary, middle, and high schools, as well as a community hospital and college.
My plan is to establish an artisan bakery and café. I’m looking to purchase this property as an investment.
Could you tell me what lenders typically require from buyers, such as down payments, work history, and other prerequisites?
When I do my due diligence, what key factors should I check to avoid issues later, like zoning restrictions or other limitations?
Additionally, I would appreciate any suggestions to help me succeed in this new business venture. 

Thank you!

Carrie

[Michael K Gallagher]

@Carrie Miller welcome! is this a vacant lot you are trying to develop or a property with a building already on it?  if the later, It is traditionally an easier route to lease the space and not incur the liability of the building ownership in the early years of a business.  And if you lease the space it is common and customary for the LL to supply the tenant with an allowance to help with startup costs.

If you are just starting out I would expect a personal guarantee to be requested but overall this ends up being a less risky way to start up rather than purchase the building and build it out.