Hello Everyone!!
Possibly there is some sort of help out there.
Before I have to give up and get a 9 to 5 job…UGCH!!
My broker left me high and dry after three months of false promises and excessive documentation.
I’ve searched everywhere for the past 6 months, and I cannot find 90% LTV for commercial financing with stated income/stated/assets.
It’s a small commercial deal,
24 apartments here locally in town.
350K sales price, 35K down, 315K mortgaged=90% LTV.
83K+ income / 38K expenses
Unfortunatly…
The owner juiced the books with their other property’s expenses and nixed the appraisal with 44.5K expenses.
I verified the expenses and know they are currently 38K
I could go one better, and affordably put in individual meters so everyone pays their own electric-instead of me.
The appraisal was based on a .10 cap rate
Unfortunatly, A low comp in the area also drove down the cost approach, He was desperate to sell. Short sale-I guess…
Theres a fresh appraisal done last week which came in at 356K (I’m still gonnna have to pay for this-I guess)
I KNOW…I can bring a new appraisal to 450K++ in a year or so…
The property has good cash flo and could be better with competent management.
For example, the owner has a one bedroom apartment ($350 mo) and uses it for a garden shed. DOH!!
She doesnt record the laundry income.
She has a -GET THIS–A $250.00 Deductable on her insurance.
I want this building Soo bad…It’s a cash cow.!.!.!
It would be a stepping stone to many other deals for me.
I could buy a single family home easier - NINA-with no rental income whatsoever at 100% LTV,
Does it make any sense?? (Logic)
NO-Not at all…
But I dont make the rules. I’m only a victim of them.
And NO… the owner wont carry a second for 10%
She’s an idiot!
I got a 680 FICO, But that doesnt seem to help. :‘( :’( 
I’d appreciate any suggestions…
I really dont want to be saying “Would you like to supersize that order” :
Commercial 90% does exist usually with credit scores in the 700’s. For some reason, I keep thinking that something is missing. Are you employed, self-employed, or out of a job?
I’m In need of using stated/income/stated assets, Due to living abroad until last year.
All my income since 1997 was foreign generated
Do you have an executive summary? and proven docs of your income abroad. No problem.
90% LTV commerial loan exits. That is a niche market
No unfortunatly, I do not have proof of income. A water truck drove thru the office and kitchen of the restauraunt I leased and caught fire. All records were destroyed.
Are lease options with a 10% deposit in commercial to be found??
A lease option is a contract (actually, usually two separate contracts) between the seller and the buyer. If you wish to obtain a lease option, then you will need to discuss it with the seller. Just be sure you will be in a position to exercise your option when the term ends. ;D