Any No Doc, Stated Income Commercial loans out there?

Q) Looking to purchase land, and build income property, warehouses, and need to do it without income verification AND little to zreo down payment... I have decent credit, 745, and currently own 2 houses, one as my primary residence and another as income property... Any loans/lenders who can supply 100% financing with a no doc or stated income loan for commercial property? Loan amount will be $900,000 Thanks

A) Check with LNB Commercial Capital you can find them on the web

i need a hard money lender for property redemption in the state of texas?

Q) our residential & commercial property was sold in a sheriffs sale & i need to find a lender that handles property redemption loans

A) there is quite a few on google - just enter loans /hard money / lenders .

Mortgage/commercial loan question?

Q) A local rental company is liquidating, and I was curious what the best way to purchase multiple properties at the same time would be. In the past I have always purchased properties on individual mortgages, or multiple on land-contract. Is it possible to get one loan to cover multiple properties for purchase? For refinance? Would this have to be a commercial lender? Thanks for any help.

A) Let's start with the first question first. It is POSSIBLE to get one loan to cover multiple properties for purchase. I honestly believe that there is a lender for everything these days. Now, as to whether or not it would have to be a commercial loan, that depends on the property. How many units is each property? If it is more than 4 units it is considered commercial and will have to be sent to a commercial lender. If your looking for a broker to help you out don't hesitate to email me. I do a ton of constructions loans every month. Send me an email and if I'm licensed in your state I will be glad to help, if I'm not licensed in your state than maybe I can recommend someone who is licensed in that state. Good Luck!

Do commercial lenders look at a borrower's income?

Q) I am looking to buy a 6 flat apartment building and I would like to know if commercial loan lenders look at a borrower's income or just the income potential of the property itself.

A) When you purchase any type property you have to be able to prove you have the income to pay for what ever you are purchasing. Most commercial lenders will allow you to use a certain percentage of the rental income normally about 75%,but they also ask the question what if there are no tenants,who will pay and how will he pay if their are fewer tenants than a full house? So in answer to your question the lender will look at your income, other assets you might have, your credit report as well as the amount you are gonna put down as the down payment. If you still have a mind of greeting the flats, you might see if you can find a financial partner to go in with you to purchase the place. He would put up the money for the down, also credit report, and possibly his assets. You in turn would do all the management duties, bookkeeping,maintenance and other things and share in the income based on a percentage agreed upon by the two of you. I hope this has been of some use to you, good luck. "FIGHT ON"

Were can I find a company or mortgage broker that can find or finance small Commercial and Multi Family loans?

Q) I am currently in the market to buy a five unit multi-family property listed at $180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it. I would appreciate any suggestions.

A) I do this type of loan. Please email with some of the detail at JohnG@oldmerchants.com

"Tier 4" Commercial Loan?

Q) Does anybody now off a lender that would give a good interest rate for a tire 4 loan? the property is located in Ohio. thanks

A) yes, with variables. does the buyer have strong financial and reserves? what is the fico? exec summary done? this will all make the picture more attractive. lenders are risk oriented and always glass half empty. you can also look at hard money, of course the interest rate won't be low. find out how badly the buyer wants to be in the property. if they are looking to build equity the the higher rate would not be a big deal. the ppp would also have some bearing on the rate. they can do a lock out to help the rate. what is the net rent on it, and next best use. hope this helps. if not email me the particulars and i will assess it if you like. highergroundfinsvc@yahoo.com

Does anyone know of a lender who will provide commercial loans to someone who filed bankruptcy?

Q) I filed for bankruptcy two and a half years ago after getting divorced. I am now trying to buy an existing bar/grill. All the lenders I spoke to will not loan to me till after my bankruptcy is off my credit report(another 7 1/2 years), even though my credit score is average, I have money down, collateral, cosigner and would have equity in the business property. Does anyone know somewhere that would consider giving me funding???

A) I can do commercial lending for people that have bk's. Do you have the buisness's financial statements for the past 3 years? you can email me at andy.rice@allpointe.com or call at 724 745 7236 Thanks

Does anyone know of a commercial lender in Ohio that will refinance single family properties?

Q) I have a set of 4 single family investment properties and am looking to refinance them on a commercial note? They really are not seasoned and I was wondering if anyone knew of a lender that would refi them and give me some cash out at about 80-85 loan to value? They are all rented and produce a good cash flow monthly and all were recently remodeled. They are all located in Columbus, Ohio.

A) www.peoplesbancorp.com. Call Rick Lentz @ peoples bank. I have worked with them on several projects and they have a down to earth quality I like. They do commercial and residential and are looking for new clients.Oak Hill Banks is another good lender that is easy to work with.They have several branches also. We work with the one out of Chillicothe and the contact is Jeff Doles.

Is it possible to split one property deed into 2?

Q) I am buying a property that is 2.1 acres. It has two 4 apartment complexes, but because they are on one big deed I have to get a single commercial loan instead of an FHA. The commercial lender suggested seeing if it was possible to split the deed into 2 so I could save on my interest rate (7% vs 10.625). Does anyone have experience with this? How would I go about splitting the one deed into two, with one for each of the buildings?

A) You probably won't be splitting the deed, you will probably need to subdivide the property. If the property is currently held as one legal parcel (which it sounds like it is), then you must go through the subdivision process with your local government. This is typically a time consuming process, and will require you to hire a surveyor and/or an engineer or attorney. On the other hand, if the property has already been subdivided, but was simply conveyed in one deed, then there is no issue; you can simply have the property conveyed through multiple deeds.

100% commerical loan?

Q) Does anyone know of any lender that would do a 100% financing on a commercial property with guaranteed rent? It's rented triple net NNN to a national credit merchant.

A) in reality no lender will do a 1oo financing esp today's market where the 100% residential is gone