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  1. #1

    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.com
    Last edited by Michael Slabitcher; 01-17-2020 at 08:54 AM.

  2. #2
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    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, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  3. #3
    Quote Originally Posted by Jstarr View Post
    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..
    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

  4. #4

    Still on the plate?

    Quote Originally Posted by Michael Sla*****er View Post
    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
    Mike,
    I'm going over older posts. Is this deal still in play, or have you solved?
    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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