phorizt said:
just researching options and maybe looking for something with a lower down payment requirement than some conventional loans. We did get approved last year for a conventional loan through a local bank for another commercial property that we ended up getting outbid on. We just have almost all of our resources tied up into the business right now as I've spent a lot lately on increasing our inventory and some building improvements on our current warehouse and this property which would be a good fit for our growth plans popped up unexpectedly. We have great credit, good amount of assets and real estate equity, just low on cash at the moment.
This sounds like a great chance to explore building a relationship with a smaller or local bank. I know you said lower down payment but still worth a convo. My pops back in the day had some similar type of businesses/complications and was able to talk to a local banker, explain the plans, visions and goals, provide the support and proof of good credit and it worked out well for the remainder of his business career for a few decades.
It got to the point where he'd just give the local banker a call, give him the address and the proposed credit structure and the guy would make it happen with as little complication as possible. It's even benefited himself so that when him and my mom went to buy a new home, they literally just had to give an address and pay the legal doc drafting fees to help buy. No appraisal, etc needed.
You may not get the lowest most competitive rates, but it's more so relationship banking.
