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01-15-2020, 03:04 PM #1
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- Dec 2017
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Commercial Real Estate
I have a client who is seeking financing to purchase a commercial property for 10.3 Million.
Are there any programs which don't require the buyer to occupy 51% of the space?
Thanks in advance,
Mike
msla*****er@sla*****er.comLast edited by Michael Slabitcher; 01-17-2020 at 08:54 AM.
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01-15-2020, 11:43 PM #2
That would be tough without occupancy. and we require 70%. Just think for a minute as a lender, if someone asked you to finance a building that wasn't at least 50% occupied - and you said ok, closed the loan and now your waiting on payments -- The first two to three months are okay and then the borrower falls behind and can't catch up or you have to file foreclosure and take possession , when you take the property back you want to make sure it debt services to cover the funds you put out to purchase this building while you are trying to sell and make it attractive to another buyer..
Last edited by Jstarr; 01-16-2020 at 12:00 AM.
Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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01-17-2020, 08:59 AM #3
- Join Date
- Dec 2017
- Posts
- 277
Hi Jerry,
I just edited the question.
My client's business will not be occupying 51% of the space.
There are 30 spaces and only 4 are vacant.
I don't know of any programs which don't require the buyer to occupy 51% of the space.
Any suggestions besides Scotsman Guide?
Thanks,
Mike
msla*****er@sla*****er.com
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04-02-2020, 02:46 PM #4
Still on the plate?
Criton Capital, LLC
12508 W. Atlantic Blvd
Coral Springs, FL 33017
Tel: 786-210-5557
Fax: 786-228-0884
loans@critoncapital.com
www.critoncapital.com
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