Non-Traditional Commercial Financing

[Hal Cranmer]

Hi,

A couple of investors and I purchased a commercial office building in Rio Rancho NM that was in bankruptcy. We have the building about 2/3 rented  and owe 1.5M on it. We had an appraisal for it that came in at about $3.3M. The renters have been paying around $17K per month in rent. Now our contract with the company who financed us is coming due and we need to find new financing. We're not sure we will be able to find  traditional financing through a bank for it. Does anyone have any ideas for non-traditional financing that we could try? Thanks.

[Yonah Weiss]

Originally posted by @Hal Cranmer:

Hi,

A couple of investors and I purchased a commercial office building in Rio Rancho NM that was in bankruptcy. We have the building about 2/3 rented  and owe 1.5M on it. We had an appraisal for it that came in at about $3.3M. The renters have been paying around $17K per month in rent. Now our contract with the company who financed us is coming due and we need to find new financing. We're not sure we will be able to find  traditional financing through a bank for it. Does anyone have any ideas for non-traditional financing that we could try? Thanks.

Not sure why you won't be able to find traditional financing. What are the factors that make you think so?

This sounds like a refinance. When did the first loan begin? What is your DSCR? It might be easier if you had more space rented out, and a good broker might be able to help you.