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REAL ESTATE What next?

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M&T

New Contributor
Oct 2, 2007
169
19
23
Hershey, Pa.
My wife and I bought a bunch of properties.Had to put them in our personal names, I know -but that was the only way we knew at the time.I am looking to get into commercial, but...It is difficult now because of the sub-prime market mess.Everything has tightend up.I would like to get personal financingfrom someone but I don't want to do hard money lending. It wouldn't make sense. Any ideas from any of the big dogs out there?
Mike...:bgh:
 

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Sid23

Bronze Contributor
Speedway Pass
Aug 9, 2007
697
162
81
Why can't you get a commercial loan? They are based on the property's ability to pay back the loan.
 

M&T

New Contributor
Oct 2, 2007
169
19
23
Hershey, Pa.
So they only focus on the property and not all the debt on us that we are towing around?
 

Sid23

Bronze Contributor
Speedway Pass
Aug 9, 2007
697
162
81
Well, they will ask for a personal income statement and review your personal financials, but having debt won't preclude you from being able to buy a commercial building.

If you buy a 30-unit apartment building where the rents more than cover the expenses, debt service, etc you shouldn't have much trouble finding a loan. 20% down payment would make it a lot easier.

This is obviously oversimplified but you get the basic idea. Have you found a property?
 

M&T

New Contributor
Oct 2, 2007
169
19
23
Hershey, Pa.
They are everywhere here! I am ready to go.
 

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