You should go to your bank - they may fund your deal on their own or help you submit an SBA package. Just make sure you have good credit, at least 10% to 20% down, and historic income to service the loan. There are also non-bank commercial lenders that could also help you out. These are ususally investor based companies looking for deals just like yours. Might find better rates, better terms and better LTVs. You might also think about asking the property owner to owner finance. If you could come up with say 10% - have the current owner finance the rest. Could do a 5 year balloon - amortized over 25 years with the 10% down at an agreed upon interest rate.

katjogal - That sounds like a tough situation. It's great that you've worked your way into the position to buy the building but finding financing may be tricky. If you have good credit and can demonstrate your ability to pay back a loan, you have a great chance of getting approved by a local lender. Where are you located? Check out Business.gov's State and Local section to find programs in your area as well as local SCORE and SBA District offices that can personally assist you in your search. Also, try using the Loans and Grants Search Tool to set specific criteria and see what programs are available to you that might meet your needs. Good luck with your business and please continue use the community as a resource!

You should go to your bank - they may fund your deal on their own or help you submit an SBA package. Just make sure you have good credit, at least 10% to 20% down, and historic income to service the loan. There are also non-bank commercial lenders that could also help you out. These are ususally investor based companies looking for deals just like yours. Might find better rates, better terms and better LTVs. You might also think about asking the property owner to owner finance. If you could come up with say 10% - have the current owner finance the rest. Could do a 5 year balloon - amortized over 25 years with the 10% down at an agreed upon interest rate.

katjogal - That sounds like a tough situation. It's great that you've worked your way into the position to buy the building but finding financing may be tricky. If you have good credit and can demonstrate your ability to pay back a loan, you have a great chance of getting approved by a local lender. Where are you located? Check out Business.gov's State and Local section to find programs in your area as well as local SCORE and SBA District offices that can personally assist you in your search. Also, try using the Loans and Grants Search Tool to set specific criteria and see what programs are available to you that might meet your needs. Good luck with your business and please continue use the community as a resource!