Can anybody give me some insight on a loan? I am trying to obtain a loan for a business. In addition to the business, there is a home. It is a small restaurant on the same land as the home. What is the criteria for obtaining this loan?? ie...minimum downpayment, minimum credit score, etc.

The property is in Maine. I live in Massachusetts now. I will be relocating there to the property.

Thanks!

Are you going to occupy the home and run the resturant? If so you can look at a conventional loan which is called a Mixed Use. Max LTV is usually 90%. If you take it commercial than interest rate is higher and your LTV is lower by 10%. The key in the project is you occupying the property.

Yes, I would be living in the home and running the restaurant. I want to find a loan with the least amount of money down. My credit is excellent and I can provide financial info about the existing restaurant.

Is it possible to just obtain a home mortgage for the entire property? The selling price is only $350K, then I could find a no money down property. Right?

Thanks!

Max LTV is 90% on Mixed Use Property. You could have the seller contribute 10% but again you would have to come up with at least 10%. Question? Is the property on seperate parcels?

The restaurant is on the same piece of land but different structures. They are about 200 feet apart.

Hello,
I work with a very aggressive lender that will sometimes go 95% combined CLTV. I will check with them in the am to find out if they would be willing to on a restaraunt.

Thanks alot. I appreciate it!