I have a full time job (20 yers) with additional income of $42000 per year. The property was appraised at $135K and I am needing $90K loan. My credit score is 640.
With what you are telling me, my bank would probably do the loan using the property as collateral. You shouldn't have a problem obtaining the loan but the 640 score may get a little higher rate than a 700 plus score would.
I work for a smaller full service realty called the Pelican Group Realty Company in Moreno Valley, California. You might try a smaller company like us for your commercial real estate loan needs. We may surprise you! Many of the smaller companies are becoming more competative. 1-888-601-3970.
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