tldr: seeking to obtain a building for 1.1 million, latest operator wishes 1.15 million. The financial institution that is funding won’t go above 1.1 million and does not suggest I go any better.
Hey gang hunting to expand our company by buying a professional building and opening an additional locale for our enterprise. The constructing we’re at this time pursuing has one tenant who pays 59k a 12 months in rent. We are on the lookout to order the developing for 1.1million then carrying out a 270k buildout for our second place for our business enterprise. Nevertheless our funding is trapped at 1.1 million. What really should I do? We have great credit history and a excellent quantity of liquidity. While our business enterprise is also developing quite quickly, our financing are not able to go higher because we are in the foods enterprise. Soon after our buildout, and us filling the other vacant models the creating should really bring in pretty much 190k a 12 months NNN. My present broker is a household authentic estate agent and I you should not believe he rather understands the situation. Any information is appreciated.
The bank loan is the SBA 50-40-10.
Also really should I come across myself a mortgage broker to squeeze out the extra dollars?