Lenders - need commercial financing terms

[Jesse Kerr]

Hi, 

What I need regarding long term commercial financing:  

Need to use my own appraiser

<75k loans 

Able to "buy" out of prepaids and/or adjust. 

3 month seasoning

Provide min credit score.

[Scott Wolf]

@Jesse Kerr this is a very confusing post. So I'll go through step by step

I don't think any lender is going to let you use your own appraiser.  

Sub 75k loans are tough, so you may be going through a private lender until you have more properties to qualify for a blanket mortgage.

Buying out of a prepaid (if I understand this train of thought) is exactly what a prepayment penalty is for.

3 month seasoning (see private lender)

Not sure what you mean by the credit score comment.  Either the credit score matches their criteria, or it doesn't.

Happy to talk through what you're looking for more though.

[Adam Bartling]

Jesse have the canvas the paint, but your canvas is blank.

I can't tell if you want to buy property, or you want to renovation loan. 

nobody is letting you use your own appraiser that got outlawed on the residential side years ago you know the commercial side it ain't happening because the lender chooses an appraisal company to protect them.

I know a few private lenders that will lend down to $50,000 but it depends on what you're doing. 

if you can provide us with more detail, everybody who reads the forum can benefit, thank you

[Erik Estrada]

Quote from @Jesse Kerr:

Hi, 

What I need regarding long term commercial financing:  

Need to use my own appraiser

<75k loans 

Able to "buy" out of prepaids and/or adjust. 

3 month seasoning

Provide min credit score.

Most commercial lenders won't let you use your own appraisal unless maybe its through an AMC they work with. But likely, they will require you to do another appraisal. You can get away with no appraisal on a Hard Money Loan and especially at that lower loan amount.

If you are looking for long-term financing, going with a local bank will be your best bet. Or you can look into doing a blanket loan. Minimum loan amount on these are $50,000 per property. 

[Jesse Kerr]

What lender has a 50k min? 

[Erik Estrada]

Quote from @Jesse Kerr:

What lender has a 50k min? 

 I work with a few as a broker 

[Jesse Kerr]

Quote from @Erik Estrada:

Quote from @Jesse Kerr:

What lender has a 50k min? 

 I work with a few as a broker 

[Jesse Kerr]

Dm me with a few 

[Caroline Gerardo]

Commercial loans are generally 5 or 7 year term and you have to qualify again. Commercial lenders will not let you choose your appraisal, and they often require two appraisals. A commercial appraisal even for the small loan you speak of costs minimum $2000 it is not a residential appraisal.

What type of commercial property? Office, retail, industrial....? The use type and location matter. What is the current income?

"Three month seasoning,"  Seasoning to a lender means you are refinancing a loan and you paid three payments as a agreed. Is that what you mean?

You want a $75000 refinance loan ?

To help you we need the value of the property, use type, rents or income, and what your FICO middle is.

[Jonathan R McLaughlin]

wanted: 

one unicorn, new.. to be delivered. Will pay 60% of market value. Must be purple.

[Joe S.]

Quote from @Jonathan R McLaughlin:

wanted: 

one unicorn, new.. to be delivered. Will pay 60% of market value. Must be purple.

Good way of putting it.