Expert: Terrence Cullen - 3/19/2007

Question
My husband and I are looking to invest in a commercial building that is being converted into condo's. There a few other investors in this project already and we'd like to take part in this opportunity as well. What types of financing options are available to us. We have to come up with $125k. We own a home now, have very good credit and have a combined income of $200k. Anything you can suggest?  

Answer
The loan will probably be a recourse loan. Which means it will be securitized by other holdings. Usually, it would work this way. You would form a partnership with the other investors an buy the building together and you take a loan from your bank securitized by your house to come up with your share.
  What is the purchase price? What is the conversion price? Is it coastal?

Terry