Com Loan, bad credit, need help, wtf

I am trying to buy a 8 unit and my partner is tapped out and i have crap credit and the seller is flexible somewhat and i need this deal to get the next one.
Need immediate help and or partner.

commerical loans are not really credit driven…its all about you having about 10% cash for downpayment and the numbers working out for positive cashflow…

If you have, at least 10% down, and a motivated seller, you should be able to get this done. What is your time frame to close? Where is the property located?

I just went to a lender that told me that credit was still a big factor in the loan unless the loan would be 70%LTV or better. The lender is still concerned about the ability to repay. Anyone else running into this?

It depends on what you consider a poor credit score. With a score of around 580 - 600, you can still get a 90% loan.

However, remember with poor credit and high LTV, your rates & fees will be higher.

Patti Porter

I hope you all see the problem i am having. Who is right? Does credit matter or dont it. My credit is 540 (Thank you EX-Wife). His credit is 750+ but his debt ratio is screwed he doesnt have the income to aquire anymore debt… esp. 500k. I can get 10% down and the seller is very flexible. But we need a low 8% or less. To make this a VERY good Deal. So If anyone knows how to get this deal done with 10% down or less and a crappy score and a low interest rate. I would make your day very good in return.
Thank you all for your replies. My name and word are depending on finding a solution. Those are very important to me unlike most in this business.

jvanni,

To answer your question: it depends on the lender. Credit matters most to some, while having an income producing property matters most to others. For you scenario (having a partner with a good score) you can get this deal done. But, because you need seller financing, you should expect more realistic rates between 9-10%. I hope this helps.

check out this website…

http://www.crusadercommercial.com/

i personally have not done anything with them, but have heard some good things about them for commerical loans.

andrew