04-27-2013 10:02 AM
I am considering purchasing the real estate I currently lease for my business (land and two buildings). Looking around for loan options and the SBA 504 seems to be a great fit for me as it's typically a low down (10% to 20%) and uses the real estate as collateral. I would have to sign personal guarantee but that's not an issue to me.
As it stands now the other two tenants should cover almost all of the new mortgage payment with their rent saving me my rent payments less insurance and maintenance. On paper it's a no brainer but it's going to be the largest purchase of my lifetime. Talk about getting freaked out. I have a goal of making this move beginning of 2014 so I have 9 to 10 months to get prepared, get three tax returns ready and to maximize my credit scores.
Anyone have any experiences with commercial loans?
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