just had financing fall through due to incompentent broker. We are under contract for 205k condo in mixed used building (10 story building, 38 condos , 72% owner occupied, 2 commercial tenants on 1st floor). trying for 5-10% mortgage, need to close before 5/30 or contract expires. Any ideas
where is the property located?
Generally speaking most would require 15-20% down in the commercial world, however you will have brokers whom will say otherwise, and continue to fail as you have done. Basically…unless you are a bit creative in your structure…5-10% down is not happening anytime soon, and you will still be posting come June.