| Author |
Previous Topic | Next Topic |
|
yvonnel41
140 Posts |
 Posted - 07/19/2008 : 6:50:06 PM
|
I have a client who wants to purchase a home that was previously commercially zoned, and a duplex. The current owner made it a SFR, but am not sure if he changed the classification. My client wants to purchase it, and use it as a business.
The Purchase Priceis 615k,in CA, and he can go 85-90% LTV.
He has been self employed since 2006, has reserves, ha 1 24 mos auto loan trade with several alternative tradelines,and has 2 credit scores over 700 (3rd score has been updated and should report soon).
Can this be a Commerical purchase and be closed before 8/5?
Thanks to all who reply! |
|
lorie
487 Posts |
Posted - 07/20/2008 : 7:12:05 PM
|
If the propert is still zoned commercial and he is bringing in his business into the property, you should be able to do a commercial loan. That being said, a realstic LTV would be 75%, unless he goes SBA, which will allow up to 90%. Closing will be 45-60 days from the date the loan is qualified.
If you'd like to discuss the scenario, please give me a call at 305-446-9125.
Lorie
Coast Investors
305-446-9125
|
|
|
brad.easter
695 Posts |
Posted - 07/20/2008 : 7:22:27 PM
|
Yvonne,
Call me on this. I have done a few of these and I can help with this type of deal. There are some pitfalls that you need to avoid. Lorie has a point on what the client is going to have to invest in this deal. In case you haven't noticed, credit guidelines have tightened up just a bit.
The Commercial market is still very strong, even with a few of the bigger lenders pulling back. |
|
|
ktucker
55 Posts |
Posted - 07/21/2008 : 08:22:20 AM
|
| If it is still zoned commercial we can do this loan up to 90% financing Give me a call or email me. ktucker@capwestcommercial.com |
|
|
EMScommercial
5138 Posts |
Posted - 07/21/2008 : 10:27:30 AM
|
Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 350+ entries as of today (lenders, banks, private money, hedge funds, pension funds, insurance companies, etc.)).
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....
** We issue a mutual NCND to protect both sides!! **
Remember... We only get paid when the thing funds!
Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thank you... |
|
|
ComLender
1266 Posts |
Posted - 07/21/2008 : 11:07:43 AM
|
| To close by 8/5 you'll either need an existing appraisal, a fast appraisal, or a private money loan. As long as zoning works, we could do 85-90% and likely close in that timeline, depending on the details. Please give me a call to discuss. |
|
|
Bruce Holler
93 Posts |
Posted - 07/22/2008 : 07:17:19 AM
|
| We may do this if zoned commercial and properties are contiguous. choice of fixed and fully amort. |
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
