Commercial Real Estate Loans?
Jul 03, 2009
in
Commercial Property Loans
I need some experienced people who know where to go for commercial real estate loans. I live in the burbs of Chicago and own several properties and apartment buildings. Basically, banks are telling me that I cannot borrow more than 75% of the purchase price of the house regardless of the appraisal. I need to find a bank/lender who understands real estate investors and their business and can do higher risk loans.
Any info is VERY helpful!
Thanks!!
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3 comments
limitedition on July 3, 2009 at 2:16 pm
You need to get either a hard money loan from a private investor or find a commercial broker to do some leg work for you.
Try Scotsman Guide…online.
blcohen529 on July 3, 2009 at 2:16 pm
Paul,
Gently may I respectfully remind you that the current mortgage crisis was caused by "understanding real estate investors and their business who accepted higher risk loans".
A possibility exists you might convince a relative, personal friend or individual who has been living under a bridge the past two years to
allow you the pleasure of being a property flipper in this contining downward market.
Public and Private lenders here (CA.) seek a 50%+ LTV, a substantial equity position, co-signer with adequate net income, massive points and highest possible legal interest in a immediate positive cash flowing property.
There is no way they will allow you to make any money…..
Good Luck
bianca on July 3, 2009 at 2:16 pm
I know a guy in Chicago Suburbs who specialize in commercial deals. Give me your contact info and I will be happy to provide you with his info ( unfortunately I don’t have his info on me tonight) but you can email me at lmcbianca@yahoo.com
He help me with my commercial deals since I do residential loans, but I trust him- he has a lot of experience.