I have a commercial property under contract for 250k. It's essentially a wholesale deal but buying feom an institutional seller so I'm contractually restricted from publicly marketing thw property back. I have a promoter who has sold properties just like mine for a significant profit within a week.
Transactional lenders won't look at me without the b-c contract. Bank's wont because there is asbestos tile (although non-friable) in the building. With end buyers who are comfortable with that lined up I just need a bridge loan type scenario but cannot find the lender who will help. Anyone out there who has ideas?
Happy to point you in the right direction — what are you looking to finance (property type, purchase vs. refi, owner-occupied vs. investment)? It changes the options a lot. Broad strokes: investment commercial is underwritten on the property's NOI and DSCR (not your personal income), usually 20-30% down with a balloon term; small-balance and mixed-use have their own lender niches. If you share the deal type, the group can point you to the right structure.
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
2mo
I went to Illinois Wesleyan in Bloomington. You have no idea how many times we made a fraternity pledge be our DD when we hit Green Street and Quarter Beer Night at Kam's. That was in the late 1980s...then to La Bamba's for "burritos as big as your head." Fun memories of Champaign.