Commercial Mortgage with high income/debt ratio
I'm trying to buy a store that is already running business. the owner wants 170k for the land and the business. I have about 45% to put as a down payment. But the problem is I recently bought a multi family home, a new financed car so my income to debt ratio right now is very high.Will I be able to buy this retail property?I will run the store after purchasing the property. by mrbrof_976_233 from Bayonne, New Jersey. Nov 19th 2011
Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions
Commercial lending follows a different path we will look at income from the business to make the loan 3 year history is required, down payment seems sufficient. Let me know if I can help ballen@accessnational.com
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Your loan amount is too small for most commercial lenders. Google: "SBA Loans." This would probably be your best option. .... Happy funding, Rudi
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