I have a friend who needs to purchase a home in the Piedmont Triad Area (Greensboro/HIgh Point) for a full

Asked by C Davis, 28262 Wed Nov 7, 2007

daycare business (not live in). Which would be the best way to make this purchase 1.under the new business with no to limited credit established, within the business plan, or 2 under personal info & lease to business.

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Bill Warren/…, , Mortgage Lending
Wed Nov 7, 2007
Most "mortgage lenders" are going to offer only option#2. You may find a community bank that may do option 1 but with a personal guarentee. Under option #2 with very good credit you will need 10% down payment.
1 vote
Andrew J. Co…, , Greensboro, NC
Mon Mar 17, 2008
Past experience indicates that option two might be the only viable way to go. Having said that, I recommend you sit down with a good mortgage banker who can give you a definative answer and will be up to date on the latest programs. Zoning is another issue that you need to pay attention to as well as permitting and various governmental licensing requirements. Good luck.
1 vote
Mark Vuncan…, Agent, Asheboro, NC
Wed Nov 7, 2007
I like Bill's answer. He's right.

You also need to make sure the zoning is correct for the area. Once it's something other than residential, you have to disclose this.
I do some real estate in that area, but in this situation I would recomend someone that work commerical in the Triad. Let me know if you need some references.
Mark Vuncannon
1 vote
Larry Story, Agent, Greensboro, NC
Sun Jan 27, 2008
Actually Bill and Christine are right. As a Realtor we can advise on the property itself but, we do not practice law nor do we lend money. We all have vendors that we have used in the past whether they be lawyers, accountants, or lenders. I can refer you to some very good people and I can find a property to fit your needs but, you would be best serve yourself by sitting down and talking with some good lenders.
0 votes
Christine Wi…, , Greensboro, NC
Fri Nov 9, 2007
That is a question for your attorney and your accountant. Realtors are not attorneys and you need to find out from legal sources which is the bet way to go.
0 votes
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