Question about Commercial Loan After Retired
Hi all, I am new to commercial loan. Can I get a commercial loan for my 5-units multi family after I am retired? Assuming my sole income will be from the rental. Because commercial loan typically needs refi every 5~10x years, I am concerned that without steady income (w2) after retirement. Will I have problem getting approved when a refi is needed.
Sorry for the newbie questions. Thank you.
Most Popular Reply
@Andy Chen, Commercial loan doesn't look at your personal income. As long as the rent income from the multifamily can cover all the expenses and the mortgage payment and you have the down payment in your bank account, you can qualify. Of course, you need fairly good credit scores.