What’s the best way to get a commercial loan? As of now I have gone through a community bank but due to the building being setup like a condominium with no condominium dues they don’t feel comfortable and want to charge 30% down payment instead of 25%. Any advice on how to deal with a bank for a commercial loan, and which type of bank is best would be greatly appreciated. Thanks
What’s the best way to get a commercial loan? As of now I have gone through a community bank but due to the building being setup like a condominium with no condominium dues they don’t feel comfortable and want to charge 30% down payment instead of 25%. Any advice on how to deal with a bank for a commercial loan, and which type of bank is best would be greatly appreciated. Thanks
I would shop around and compare quotes between commercial lenders until you find best rate/terms. If you need a quote to compare, send me a DM I can connect you with a commercial lender in your area.
What’s the best way to get a commercial loan? As of now I have gone through a community bank but due to the building being setup like a condominium with no condominium dues they don’t feel comfortable and want to charge 30% down payment instead of 25%. Any advice on how to deal with a bank for a commercial loan, and which type of bank is best would be greatly appreciated. Thanks
I would shop around and compare quotes between commercial lenders until you find best rate/terms. If you need a quote to compare, send me a DM I can connect you with a commercial lender in your area.
I got a loan on a commercial office condo unit ~18 months ago through a local credit union. They had a ton of experience lending on properties like this. The HOA was well funded and I was highly qualified from a credit and experience standpoint. But they still required 30% down.
I would suggest shopping around @Sly H.. There are many Banks, Commercial Lenders and Brokers who offer conventional and non-traditional loan options for commercial properties. Do your due diligence and get different LOCKED quotes. You may find some willing to go 20% LTV. However..it's hard to say without knowing more about the property.
What’s the best way to get a commercial loan? As of now I have gone through a community bank but due to the building being setup like a condominium with no condominium dues they don’t feel comfortable and want to charge 30% down payment instead of 25%. Any advice on how to deal with a bank for a commercial loan, and which type of bank is best would be greatly appreciated. Thanks
I would shop around and compare quotes between commercial lenders until you find best rate/terms. If you need a quote to compare, send me a DM I can connect you with a commercial lender in your area.
Hey @Sly H. - bank to bank is different when it comes to commercial underwriting. I haven't bought any commercial properties yet, but have worked with people that have. You will want to speak with a handful of both local and national lenders to get a better lay of the land. Good luck!
What’s the best way to get a commercial loan? As of now I have gone through a community bank but due to the building being setup like a condominium with no condominium dues they don’t feel comfortable and want to charge 30% down payment instead of 25%. Any advice on how to deal with a bank for a commercial loan, and which type of bank is best would be greatly appreciated. Thanks
@Sly H. Your property is a white elephant and on the special purpose side of commercial real estate. 70% loan-to-value, 30% down on an office condo property is competitive. While there may not be an operating condo association, the lender you ultimately go with will treat the property as an office condo because of its configuration. If I were in your shoes, I would shop for financing on office condos and like you did here, point out that there is no association. Leading with this will serve you best in your search. One last thought, ask the community bank you are working with if meeting a depository requirement (personal/business) will move the needle on the extra leverage you are seeking.