Any recommendations for Business RE loan?

[thatguy1]

So, in October I need to buy the property I am currently leasing. Here are the stats:

In buisness for three years.

In this building for 2 years.

Have paid 2K a month lease on time for two years.

Building is next to a Walmart and well worth what I am paying for.

Price of building and property is 215K.

I have about 40K for a down payment.

Current credit score is 650 but should jump up here since I just payed my last two baddies off.

Income flow is great and I have very little business debt.

After talking to bankers it seems private is the way to go since I don't have a perfect score and my business is still young. Anyone have any suggestions?

[bolivar76]

I think you will be fine with your score especially with the expected increase. It's going to depend on the strength of the business financials specifically if your free cash flow is over 1.25 times your expected business debt service. If your SBA elegible you should look into the 7a or the 504 as it may be better to put less money down and have reserves for your business/personal needs. I've been in commercia banking for 15 years so PM if you have any specific concerns. 

Congrats on your business success thus far.