Hi,I like to know if I can use my commercial equity to buy a house.rental income $72000/year. I do not have a job or down payment .my commercial property is paid for...thank you by watfa3_706_446 from Hogansville, Georgia. Apr 7th 2013
Private Money / Commercial Money LendingWaikoloa, Hawaii 96738Office Phone: 808-883-2747E-mail: J@KalaLending.comBusiness Description: We offer multiple types of funding starting at $100,000 and up, no maximum: * Commercial Real Estate Loans * Bridge Loans * Multi-Family * Office Buildings * Industrial * *Hotel / Motel Financing * Medical * Assisted/Independent Living * Warehouses * Franchises * Convenience Stores *Restaurants * Project Finance * New Construction * Equipment Leasing * Stock Loans * Portfolio Liquidations * Private Equity * Joint Ventures *Working Capital * Project Finance *Oil and Gas Financing *Renewable Energy Financing * Gold Mines *Churches*Credit Lines *Proof of Funds *Bank Instruments * Bulk REO's * NPN's/PN's
You can, but you will need to qualify for any loan you take out. If there is a history (2 years minimum) of adequate income from investments, rentals, etc. it can be used. I would contact a LOCAL mortgage banker or broker on this forum that can determine the amount of monthly income that can be used. You can search for GA lenders above. Good luck to you!
You have to look for a special lender
Yes you can use the equity or you might qualify for a USDA loan and that is 100% financing. I can help you with either choice as long as you have been receiving rental income for at least 2 years. Call or email me to discuss your options.
Yes you can.....just need to give your loan officer the terms of your new loan as the new monthly payment must be included in your new qualification. Good Luck.
Your commercial income should be listed on your tax return, there for it is income. Now as far as down payment - you would need to take money from your commercial property first and then use those funds for the down payment on the home.
You have to show two years f tax returns showing the rental income. your down payment has to be seasoned. Call or email to discuss.
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