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| *Loan,banking and credit>>>commercial loan |
I'm looking for a commercial loan for a property....? |
I have about $25,000 in net worth. Most of it is liquid. I'm fairly young. I'm looking at a rental property that brings in $4,200 in monthly income. The asking price is $300,000...can I get a loan? Thanks! It has a very good cap rate.The first thing they look at is ,will the property stand up for itself(pay the bills). The property will. It has a good income and a very high cap rate to insure return of the money and on the money. Secondly, they look at you. Do you make your payments,are you a good manager. They are investing in you as well as the property. Loan to value rate is different with banks in my area. 70% is the worst and 90% is the best. Take a plan to the bank with the money it makes, your plans to keep it making this amount or more, and long term plans for the property. If it is a rental or lease, ask if the tenants will sign a lease with you before you go to the bank. If it is a business and you are using the income stream, make sure it is documented and they aren't fudging the numbers. Good luck. If this doesn't work, another will be around soon. Source(s): Commercial Real Estate Appraiser If you have a pulse, you can get a loan. I got one ($405K) last year with no documentation, no proof of income, and 2% down. go to a bank and ask them.... Commercial properties are different than residential. Most banks require 70% LTV or 30% downpayment. You might be able to get owner financing to avoid the 30% downpayment with the right motivated seller. Experience - Real Estate Appraiser |
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