Lender wont loan on property. Ideas???
Hello BP! I am in contract for a commercial property what is in disrepair. There is a cinder block garage that I was going to use as my shop (im a plumbing contractor) and a 2 story house built in 1912 that i was hoping to lease out to a business. I knew the property was going to need some work but the lender just notified me today that the structures are uninhabitable and they won't loan on the property. Our contract has the owner financing 50K, our lender 229K and our down payment of 26K. The lender said maybe the owner would carry the entire note until we can make the improvements to get it refinanced conventionally. Has anyone renegotiated the selling price after the accepted offer, even though the seller listed the property AS-IS? We have contingencies on financing, inspections, ect that give us an out but Im curious what others think.
Thanks!
JR