Home Buying in Bushwick>Question Details

Ba, Home Buyer in Bushwick, Brooklyn, NY

I need a commercial loan.

Asked by Ba, Bushwick, Brooklyn, NY Sun May 2, 2010

i'm looking at a 6 family in brooklyn asking price 375,00 is there anyone that can make this happen by only putting down about 20,000 or so?

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Answers

5
Ba:

There are many other questions needed to be asked inorder to find the right loan office. Some are:

Income
Credit History
Work History
Assets, etc.

You may email at mrrealestateking@yahoo.com

Thanks.

Pierre King
Web Reference: http://www.pierreking.com
0 votes Thank Flag Link Sun May 9, 2010
Hi,

property must be 100 percent leased out and can do with 15% down i am a local mortgage bank and if you would like to come in and talk about all your options please call 516-233-4842 or email me vaiossa@unitednorthen.com

My address is 3601 hempstead tpk levittown NY 11756
closing on refi 14 days
purchase closings 21days
0 votes Thank Flag Link Thu May 6, 2010
Ba,
it's good that you have a good credit history and $80,000 as your personal income. But 6-family house is a commercial real estate property and even you are willing to occupy one or 2 apartments for yourself you can't buy it with 10% down payment. Commercial Banks on today's environmental are very conservative based on your past real estate experience (I expect you have not owned such type of real estate in past). Loan amount is based on current appraisal value or contract price what ever is less, what cash flow is generated and expences (property tax, insurance, market vacancy in the area, expences for heat, electric, maintenance, replacement reserve for the roof, plumbing, outside frontage, boiler and water heaters, etc). So based on what I just stated you will need to come up for at least 25% down payment.
Sorry for such response but it's a real picture today.
Jeff
jeff.levintov@gmail.com
0 votes Thank Flag Link Wed May 5, 2010
Manu

A lot of people can help me with a loan but is it possible to get the loan with as little as 10% down with great credit and about 80,000 in income?
0 votes Thank Flag Link Mon May 3, 2010
I could help u getting a commercial mortgage.
http://www.maxsellglobal.com
0 votes Thank Flag Link Mon May 3, 2010
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