can I have a combination loan for improvements on one building and purchase of another?
would like to purchase a building that is partly leased to use for my retail store and have a fully leased building that needs a new roof and facade. the improvments onthe owned building will cost $50,000.00, the new building will cost about $525,000.00 by George Effrem from Minneapolis, Minnesota. Jan 29th 2010
Steve Conklin (satorimortgage)
#4 ranked lender in Minnesota - 4 contributions
Not typically. You might be able to find some asset based lenders that might be able to help, but in this lending climate it's really tough. You also might want to speak with a banker about a SBA loan to expand your business that might allow you to obtain cash for the repairs. Not sure if it would work, but could be an option. If your looking to buy any type of commercial property, you should be prepared to put at least 30% down. Commercial market is really tough right now and a lot of people are going belly up on loans. If you would like me to examine your purchase options, please contact us @ www.thesatorigroup.org and go to contact us page. It will give you a phone number to call or you can submit the contact us form. A loan officer should be able to contact you with in 24hrs.
Ulysses Fletcher (ufletcher8141)
#26 ranked lender in Georgia - 245 contributions
Hello George,I might have a SBA program that might be able to help fund that project for you.If you can send me your email address,I will send you a form to fill out.My email address is:ulyssesfletcher@numail.org.
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