All Forum Posts by: Shantanu R.

Quote from @Sean O'Keefe:

Quote from @Peter Mazzoli:

@Sean O'Keefe can I also get a copy?

Sure, just sent!

 @Sean O'Keefe, can I also get a copy?

Looking to acquire a mixed use property in Morris County NJ - this is will be demo & reconstruct property so once the property is acquired we will be applying for variance / permits etc. with the town that may take ~12-18months to get approved. The property currently has a month to month tenant; we want to continue with until we secure the construction approvals. Any advice on financing options here ? 

Current State : 25X100 Lot [1 Commercial Unit ]

Future State  :  2  Commercial Units with 3 residential 

If we acquire the property on a commercial loan & demolish the building  - The bank can/will call on the loan . We will have to secure construction financing later. Should we get bridge financing off the back ? [ but this will be expensive] . Please suggest any lenders who can help with such project here in Central New Jersey. 

Experience : Have done  2 residential construction projects but this will be our first foray into mixed use/Commercial.

Thanks

Shane

Citizens Bank offers a competitor rate - Also a bank with an existing relation ship will offer you good terms.

@Dennis Muno No rehab needed. Long term loan for buy &hold.

Good idea , but check for rent control ; depending on county your are looking into you may want to check with township office if the properties are rent controlled; this may prevent you from adding value & charging market rents.  

Also, some towns will remove rent restrictions owner occupied apartments - So something to consider . Easy way to findout is the call the township office or run an OPRA request.

Best of luck  

I am looking to buy a commercial property in NJ & have an accepted LOI . Looking for help/ contacts for commercial financing in NJ. Any leads (banks or brokers ) will be helpful.

Property Details :

- Medical Office 

 - 10 year lease (exp. 12/2032)

- Single occupant

-6000 Sq ft.

Purchase price : $1MM

We found a commercial property on loopnet & it looks like a good deal [office building with single occupant with good rental history] - We have run the numbers & they make sense as well.

Do I need to find a commercial real estate agent to help write the offer  - How does this process go ? Where do I find commercial agents ?

We have lined up couple of banks who are ready to fund the deal but want to know how to go about it  - Like in residential, will the agent help write the offer & show us some comps (we  have done some due diligence already on this )  . 

This will be our first commercial deal so any resources OR guidance will be appreciated.

Thanks

Shane

I found a deal on loopnet & am interested in pursuing it. [ this is a commercial property ,single occupant with good rental history].

How do  I go about it ? I have also found a couple of banks who are ready to fund the deal - how do I get the property under contract ? 

Like in residential , do I need an agent who will help write the offer & contract ? How do I find an agent that deals in commercial properties ? 

Curious to know what the offer process looks like.

This is going to be our first commercial deal so would appreciate any resources OR guidance.

Thanks

Shane

Quote from @Mike Finn:

@Shantanu R. Just got off the phone with them. They don't operate in Missouri, unfortunately, but they did give me a few institutions to contact!

I see, good to know. Another option is DCU(digital credit Union) which gives up to 50k on investment property but I don’t know if they operate in Missouri. Keep us posted if you find any other viable options. Best of luck!

Quote from @Mike Finn:

@Brad Jacobson Got it, thank you! So should I google for local credit unions and go down that path?

Hi Mike, would suggest trying TD BANK (for investment property) for a fixed rate home equity loan as well as a floating rate HELOC. Chances are home equity loan will get you a better rate, based on a recent conversation. Please let me know if you come across any other options. Navy credit Union didn’t work out for me due to their membership requirements(military/veteran only).