Updated over 7 years ago on . Most recent reply
What do I need to know about commercial loans
Ok BP here I go again...
So for now my plan is to pull of the BRRRR method using conventional loans. For now I need to use not only my income but my wife's in order to qualify for a loan. My wife has been hinting at working part time and closer to home. So my understanding so far about commercial loans are that you can use the income of the property to obtain a commercial loan. Please correct me if this is not true. Also can I obtain a commercial loan on a duplex?
Thanks again BP!
Most Popular Reply
The commercial loans that I have gotten never look at my income. They do run my credit but, more importantly, they want to know the property covers it's own expenses to the tune of 120% or better, and they want to make sure I have good liquidity for reserves.