can anyone tell me where to apply for a small business even with fair credit using my equity in my home?

Jun 30, 2009 in Commercial Mortgage FAQ

I would like to purchase a mix-use commercial space from the owner. I own all of my inventory. I need help locating a bank or mortgage company willing to work with a self employed entrepreneur. I have a equity line of credit already with a small credit union, however, they do not offer mix-use commercial loans. Can someone out there please help to steer me in the right direction? I need a second chance. Patricia

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3 comments

boston857 on June 30, 2009 at 3:24 pm

any bank esp. a community bank would be a good bet. make sure you ask if they are preferred SBA lenders since they have programs for small business owners that mitigate credit risk..
Joe K on June 30, 2009 at 3:24 pm

Do you still have equity in your home? If so, how much? The easiest route is to use the equity to buy this property. Now, if your equity is not enough to purchase the entire property you need to find financing for the difference.

You will need a strong business plan and up to date and hopefully good looking books on your current business.

If your business does not historically support the loan you are asking for, then the banks will rely on your personal credit and income to support it. If none of those work, it may be difficult to get a loan. Try to find some creative ways to do it. Will the owner hold a second mortgage for you? Will they allow you to lease to own with a downpayment? Can you find friends to buy the commercial space and you lease-to-own from them?

If your business will support the purchase, then you just need the historical figures to qualify for a loan. You can also look into an SBA Loan.

Best of luck.

Joe…
Mike R on June 30, 2009 at 3:24 pm

Hi,

it’s not always easy to find the right companies. I’ve done some research and found two which are very reputable and trusted in this field. You might check them out and then choose one which best suits you:

http://www.usefulresources.info/eloan-cj.html
http://www.usefulresources.info/lowrates-lendingtree-az.html

Hope that helps. Wish you all the best!

Mike

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