I have clients that are looking to purchase a small office unit around $300k, but need a non conventional loan due to their taxes being in limbo over some issue. Great credit and income but can't use last years taxes for qualifying. I know there are lenders that do some non conventional loans (bank statements etc) for residential but are there any that do the same for Commercial Loans?
@Israel Flores you can purchase non QM commercial based on DSCR and credit but LTVs would be lower, 65-70% depending on the numbers on the property. Short answer is maybe but worth taking a look. DM if you'd like further info.
@Israel Flores where are they looking to buy?
@Jonathan Taylor Thank you and will do!
@Elise Marquette Houston Tx area
Almost all my loans are with local banks and it's all non qm. I find the commercial loan officers. Interest rate is a smidgen more.
Lots of us bridge and Hard money commercial real estate lenders out there. Although in this microbalance, under $1 million loan amount, there’s not quite that many.