This topic contains 2 replies, has 1 voice, and was last updated by Kevin Vandenboss 5 months, 3 weeks ago.
August 23, 2017 at 10:00 pm #98021
I own outright a car lot worth at least 300k. My experian is 688 and everyone is turning me down for a loan. I only want $120,00 to buy out investors. The business was established in 1985 and I have been president since 2012. I don’t want a hard money loan due to short term.August 23, 2017 at 10:03 pm #98070
Great question! So typically you should be able to find a commercial mortgage that uses your property as collateral. If the property is worth $300k and there are no other liens on the property than you seem to be a good candidate. However, loans issued with a commercial property as collateral are at the discretion of the lender.
I’d check out this article we have here on commercial real estate loans. There are actually a few other loan options that don’t use commercial property as collateral with credit score requirements below 680.
Hope this helps!
– EvanAugust 28, 2017 at 2:07 pm #98413
With a commercial mortgage lenders will typically look at the income the business operating on the real estate generates, including how it has performed for the past 3+ years. If the income can support the mortgage payment you should be in a good position. Different banks have different appetites for the types of properties they will lend on, but the options in the link Evan posted above are most likely your best loan options. Good luck!