All Forum Posts by: Lance Bradshaw

Thanks for your response @Stephanie P.! Yes, they are on the same parcel which is zoned limited commercial. Since the SFR cash flows by itself, the church is basically coming free with the purchase. I'm running into the same challenge finding insurance on this parcel; seems no one knows what to do with this!

The other challenge with such a low purchase price is that I'm not finding any commercial lender interested in the loan, either.

I am planning to have the SFR split from the plat after the purchase so they are on separate deeds. The problem is getting this closed beforehand.

Thanks for the guidance on this one. I'm sure there is a solution; just need to keep digging. 😕

Thanks @Denver McClure! I will look into it.

I am scheduled to close on a mixed-use property in Wichita Falls, Texas on April 26th and I've been pre-approved for a conventional loan but they have not been able to find an appraiser to pick up their appraisal order and I'm at risk of missing my closing date.

PP is $94K. Property has two structures: a 2/1 single-family residence that is ready to rent right away and meets a 1.25 DSCR for the entire property by itself. Second structure is a commercial building that was most recently used as a church. It will eventually be converted to a duplex or possibly a climate-controlled storage unit. I need a bridge loan to help me close on schedule and then I'll utilize my lender's delayed purchase program and refinance into a 30-year conventional loan.

Anyone have any recommendations for a bridge loan program that can close in 10 days? Or am I better off to throw myself at the mercy of the seller and ask for an open-ended extension?