New and need a mortgage.

Anyone know of a mortgage company that will do more than 80% LTV on a commercial property?

I need to find a mortgage company for this property I made an offer on. Any suggestions?

Just a thought–
Wouldn’t it have been a better idea to look for financing BEFORE making an offer?
Without financing, how do you know how to structure your offer?
I am not aware of commercial loans without 20-25% downpayments. Can the seller carry back a note? Would the bank allow it? Can you do a blanket loan with equity from another property?



I dont have a problem laying down 20% but I thought if there was a way to do less, then I would have more for another deal. And I dont think I will have a problem getting financing, but I thought some of you would have lenders who you have used before that may be more worth while than others. Maybe save me some time by giving me a direction. I am going to call come local banks tomorrow to start the shopping around process.

There are programs for an higher LTV on commercial property…

What kind of property?
What state is it in?
Full Doc or Stated?
Sale Price?

I have a bunch of lenders I work with that loan on coommercial properties.

12 Unit apartment, $550k, NC

Depending on your score, your income situation and the dscr there are lenders for that. What LTV are you looking for?

What is the property type? Full doc or stated? Owner occupied or investor?

That question was already asked and answered with the exception of Doc type

The property is not owner occupied. I need a mortgage for the whole 550 but I can put down the 20% if I had to. I got like 4 PMs with people leaving their phone number or email address, asking me to call them. I am new to this game and I dont want to call and beg people for money. I would rather shop around for banks and mortgage companies and then go with the best deal. I did that for a home equity loan and the bank that has the current loan, who I went to first, turned out not to be the best deal.

I have 1 investor and she and I are going at this together. Her credit score is 750. Mine is worthless because I dont own anything.

I don’t think you’ll be able to find anything over 80% nowadays. Our max LTV is 80% but we allow for 3% seller concession and also allow for use of gift funds.

I have a lender that will finance 85% LTV with rates in the 6s minimum loan size is 3million

Brian, you don’t have to own anything to have a good credit score.

However, you do own somethings. You say you got a home equity loan, so, you own a house. How do you get to work, go grocery shopping, run errands? You own a car, right?

How do you pay for things? Don’t you have a job that generates income? You probably have a couple of credit cards in your wallet, money in the bank, and spare change on the dresser. If you are getting zero rate balance transfer credit card offers in the mail, then you probably have a reasonably good credit score. If you have been paying all your bills on time and have not had any late pays in the past two years, I bet you have an excellent credit score.

Your credit score is used for much more than just getting a loan. Insurance companies pull your credit to set the premium rates for your insurance policy. Even telephone companies pull credit. Employers pull credit. If you apply for a job that requires a security clearance, or requires you to be bonded to handle money, your credit score will be a factor in determining whether or not you get the job.

You really should know your credit score. Since you recently got a home equity loan, your bank should be able to tell you what your credit score was at that time. You only need to ask.

I have a leased car, with a co-signer. I do not own a house, I helped my partner get a Home Equity Loan. I have a cell phone and a couple credit cards and other debt. I rent and have no utility bills. Yes I have a job, and it provides health care. I agree there is no bad credit, just low credit. I do not know what mine is, but it wasnt enough to get a car lease on my own last year.