I’m looking to lease option to buy a multi-use property with a bar, liquor license, hall and 2 rental units.
The owner wants $10,000 upfront and since I have all intentions to buy the property after the lease is up I want to borrow another $40,000 to make updates to the hall to maximize my profit. So I need a total of $50,000. Are there any loans you can obtain in a lease to own scenario?
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Tags: Liquor License, Loans, Upfront
lease property | , 13 Dec 09
By DAVID K, December 15, 2009 @ 6:40 am
You are going to need an SBA loan or a commercial loan.
By madrax, December 17, 2009 @ 9:33 am
You’ll need a commercial loan AND the purchase option should have been executed so lenders will considered it. The bank needs the property as collateral unless you have financial instruments to back the loan, in which case it will make it really easy. Talk to the lenders before you make any commitments to learn what they want and what they are offering you.