Getting a small commercial mortgage maybe easier than you think. It doesn’t involve SBA and you don’t even have to prove your income. In fact, your credit doesn’t have to be immaculate.

On the way to the chiropractor you notice there’s a real estate for sale sign on a small unit apartment building. When you arrive there is a new for sale sign at the chiropractor’s office building. On the way home you stop at a small market with living quarters upstairs and notice it is for sale. If you wanted to invest in any one of these it may seem complicated but it is not be necessarily.

These properties may qualify for lending that does not require income verification or high credit scores. There are programs available that have funds for smaller loan amounts $100,000 to $1,000,000. These programs will allow you to state your income. In other words- you do not have to produce your tax returns and qualify on them. Your credit score will determine the approval, rate & terms of the mortgage.

The property will be the major factor in the loan. The down payment may be very reasonable depending on the program parameters. For someone who already owns a small commercial property getting money to payoff a balloon or getting cash back is allowable.

This is a lot simpler than a bank loan. The banks generally want to entertain loans in the amount of $1,000.000 & over. Banks will want to have continuous ongoing income proven by tax returns & current operating statements. The down payment requirement can be stricter.

Other types of properties that may qualify are mobile home parks, self-storage or bed & breakfast. There should be a number of eligible properties in your area.

If buying a small commercial property is something you always wanted to do now may be the time to do it. Rates are still good. Money is available. Your dream may be at hand.

Bill Wehr has been in home loan origination for over 25 years. He is the owner of Great Pacific Northwest Mortgage http://www.billwehr.com , a residential mortgage company serving Oregon and Washington. He has an MBA and has lived in the NW for 34 years. If you are thinking of buying property in Oregon or Washington & need mortgage information please call Bill, or complete a secure on-line application for pre-qualification at http://www.portlandoregonmortgages.com

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