Any lenders that would do a commercial real-estate funding.
Hello everyone, I need a lender that would do commercial real-estate funding. Credit score being around a 535-credit score. It's a multiunit commercial property mortgage balance on it is 235,000 or less and the appraisal amount came back from BBG in the amount of 640,000. We are looking to take out equity on the property in the amount of 350,000 or max we can. Can anyone do this?
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Hector, all credit scores are not created equal. Is the FICO low due to current financial issues or past issues still showing up? In addition, how is the cash flow for the property and what is the use of proceeds?