Does anyone know the minimum down payment necessary in buying COMMERCIAL PROPERTY in Las Vegas?
2006-11-27 13:04:04 · 4 answers · asked by Angelcupcake 3 in Business & Finance ➔ Renting & Real Estate
Zero percent down payment loans are available to people who qualify. Good credit, reserves, other collateral, etc. It may end up seeming like "If I had all they wanted... I wouldn't need the loan!"
But remember that what it comes down to is the lender needs to feel secure about the loan.
2006-11-27 16:40:17 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
Commercial property and loans are treated differently than residentiall property. In residential property in all probability you will reside in the property and would less likey abandon the property. Since residential property is treated differently the rules are different when it comes to how much a lender will lend on residential and commercial property.
On commercial property normally you are required to put more of your own money down in order to get a loan to finance the remainder of the sales price. Normally the lender will want to see a minimum of 40%, however,with the proper lender, good credit and excellent credit scores you might find one that will go with a 30% down or some other owner finance.
You have to check with a commercial broker to find out which are the lenders that require the least amount of down payments or at least allow the seller to carry a mortgage on the property.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-12-04 14:14:32 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
IT DEPENDS ON THE TYPE OF PROPERTY HOW THE FINANCING IS HANDLED. I HAVE NOT PLACED A COMMERCIAL DEAL YET AT 0% DOWN. THE BUYER HAS TO SHOW FUDUCIARY COMMITTMENT TO THE LENDER. THE RISK OF COMMERCIAL PROPERTY IS ASSESSED ON USE NOW AND FUTURE USE, LOCATION AND IF IT HAS RENTERS OR IS IT A CAR WASH? KNOW THAT THE MINIMUM WOULD BE 10%, BUT USUALLY COMMERCIAL PROPERTIES ARE AT A 65% LTV. IF YOU HAVE QUESTIONS CONTACT ME PLEASE. HIGHERGROUNDFINSVC@CFL.RR.COM
2006-12-02 09:29:51 · answer #3 · answered by MARY A 2 · 0⤊ 0⤋
so your asking how do i make 2 hundred,000 funds???? nicely you ought to comprehend that there are distinct approaches to achieve this. possibilities are intense you'll want more advantageous than a 720 to get a 800,000 dollar commercail real resources loan.
2016-11-27 02:50:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋