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Updated over 8 years ago on . Most recent reply

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122
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Ben S.
  • Investor
  • Tampa, FL
87
Votes |
122
Posts

Commmercial Loan Based on Personal Salary?

Ben S.
  • Investor
  • Tampa, FL
Posted

I'm looking to purchase a 10 unit rental property in Maryland. This many units requires a commercial loan of course, but I don't have rental history (though I have flipped some homes and rented to friends and family). I can qualify for more than the amount of the loan based on my salary and current debt, but all the commercial lenders I've spoken to only want to look at my experience managing rentals. 

Is there a commerical lender who will put more emphasis on my salary, personal credit, and personal debt, rather than rental experience? 

Most Popular Reply

User Stats

122
Posts
45
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Clayton Plank
  • Investor
  • Jacksonville, FL
45
Votes |
122
Posts
Clayton Plank
  • Investor
  • Jacksonville, FL
Replied

@Ben S., None of the lenders you have spoken with will allow you to sign a personal guarantee for the loan? I closed two commercial loans when I first started that I wanted to be in the name of an LLC. They felt the same about my experience and allowed me to sign a personal guarantee to the loans.

  • Clayton Plank
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