Updated about 12 years ago on .
10% Down on 51% Business Occupancy
I own my own media and advertising business and we currently rent our office space. My wife informed my about some sort of government-backed loans that ony require 10% down, contingent upon my business occupying at least 51% of the square footage.
Does anyone have some information about this type of loan? My thought process was to buy/build commercial space to move my primary business into, while leasing out the rest </=49%, in an effort to decrease/maintain my current rent level ($550/mo) while building equity in property I own. I'd love to hear more thoughts on this. How long must I occupy the premises before I could "move out" and lease both spaces to tenants? Is this pathway a viable stratgey to lower my cash contribution (only 10% down) or are there too many strings attached? Thanks.