Small Commercial Mortgages For The Person Hard To Qualify
Getting a small commercial mortgage maybe easier than you think.
It doesn't involve SBA and you don't even have to prove your
income. In fact, your credit doesn't have to be immaculate.
On the way to the chiropractor you notice there's a real estate
for sale sign on a small unit apartment building. When you
arrive there is a new for sale sign at the chiropractor's office
building. On the way home you stop at a small market with living
quarters upstairs and notice it is for sale. If you wanted to
invest in any one of these it may seem complicated but it is not
be necessarily.
These properties may qualify for lending that does not require
income verification or high credit scores. There are programs
available that have funds for smaller loan amounts $100,000 to
$1,000,000. These programs will allow you to state your income.
In other words- you do not have to produce your tax returns and
qualify on them. Your credit score will determine the approval,
rate & terms of the mortgage.
The property will be the major factor in the loan. The down
payment may be very reasonable depending on the program
parameters. For someone who already owns a small commercial
property getting money to payoff a balloon or getting cash back
is allowable.
This is a lot simpler than a bank loan. The banks generally want
to entertain loans in the amount of $1,000.000 & over. Banks
will want to have continuous ongoing income proven by tax
returns & current operating statements. The down payment
requirement can be stricter.
Other types of properties that may qualify are mobile home
parks, self-storage or bed & breakfast. There should be a number
of eligible properties in your area.
If buying a small commercial property is something you always
wanted to do now may be the time to do it. Rates are still good.
Money is available. Your dream may be at hand.