Question mike, can you help answer a few questions......?
what's the difference between a buss loan and a comm'l loan? which is easier to obtain? which one does NOT look at PERSONAL income? do either do 100% lending? deciding where to direct my energy... buss (laundromat) or comm'l(apt bldg or stip mall)
thanks for your time
Answer Both loans have their own qualifiers, and are very similar with respect to getting approved. The commercial RE loan will look at the investment you are buying and its ability to produce income....the same is true for a business loan, where the profitability of the business will be analyzed. For the latter, you will probably be required to create a business plan. Both types of loans will look at personal income, especially in this lending market. The lender wants to make sure you have the ability to carry the loan in the event of a temp failure in business (for instance, if an apartment building should go vacant for a period of time). Most lenders won't provide 100% financing any more; however, you may have a better chance with a business loan by going through an SBA lender.
