What next?

[M&T]

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]

Why can't you get a commercial loan? They are based on the property's ability to pay back the loan.

 

[M&T]

So they only focus on the property and not all the debt on us that we are towing around?

 

[Sid23]

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]

They are everywhere here! I am ready to go.