Commercial Loan

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lmany

36 Posts

Posted - 07/10/2008 : 2:09:46 PM

I am looking for a direct lender to do the following scenario:

Purchase of a 3 unit property in FL
3 unit- small restaurant and 2 office units
Purchase price $240K
Looking for 80% or max
Restaurant is occupied and pays $1,500 a month
2 offices are currently vacant because they were recently renovated
One of the units will be occupied by the borrower's new non-profit business that she will have someone else manage
She is going to continue her w-2 job as well. She makes over $100K a year and would DTI no prob.

I need a lender who will look at a DTI approach, probably considering it as an investment with high vacancy.

Thanks,

brad.easter

514 Posts

Posted - 07/10/2008 : 2:16:23 PM

Leigh,

Give me a call. We will look at how to make this loan, and becaue we have over 8,100 loan programs available to us, if itcan be done...it will be done.

lorie

480 Posts

Posted - 07/10/2008 : 8:16:02 PM

Call SilverHill. They will consider DTI. Their rates are high and their terms are noto great, but that will probably be your best bet if the property is not debt servicing.

Lorie
Coast Investors
305-446-9125

lmany

36 Posts

Posted - 07/11/2008 : 05:08:58 AM

Thanks Lorie,

You are right they will do a DTI approach. However, they can't do it on that program because it has a restaurant. They only do restaurants when the property debt services.

I appreciate the reply though. Thanks,

EMScommercial

4749 Posts

Posted - 07/16/2008 : 1:57:24 PM

80% ouch

Bruce Holler

53 Posts

Posted - 07/16/2008 : 6:30:47 PM

This looks doable to 75-80% LTV, stated.
I am closing on a multi unit commercial property now based on borrowers ability to support the loan rather than the property's dscr.

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