Commercial lending based on the property
In Mobile,AL area. Looking for any recommendations on banks that will finance mostly based off of the commercial buildings output rather than my personal info. I'm 22 and recently out of school so I do not have the multiple years of work experience with my taxes that would show I make enough money for a 300k property. Any decent ideas on smaller banks that may approve me?
Most Popular Reply
Hey @Matthew Ladner -
So I'm not in Mobile but I've been investing in Commercial properties for about two years now. What I've seen in terms of loans have been a 70% LTV with a personal guarantee and a list of my Assets. I got two loans this way even while I was unemployed. If you've got the credit score than you can expect a 4.5% rate on a 20 year amoritization schedule.
Hope this helps.
mark