Help! Small commercial rental in NJ
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Hey guys,
Above are calculations for a small NJ commercial building that I have under contract. Have had some difficulty securing decent funding options. These calculations are set at me putting 40% down ($187,900 purchase price) with around a 5% interest rate. These are the best terms I've found thus far (spoke to all different types of lenders..CU, banks, private money, hard money, etc) that don't require me putting $15k extra down in closing fees. I do feel the building is slightly underperforming and the downtown area that it exists also has big plans for a total makeover to re stimulate the area. Thoughts?