I have a commercial property in need of repair, the boilder and roof need to be replaced. The property is located in a very desirbale area. However, I can't rent it until I can make the necessary renovation. My credit is not very good, but I have no mortagage on the property. Can anyone suggest how I can get a loan to make the necessary repairs to the building. As I said, I building is empty, so I have no source of income comming from this place.

Thank you for any suggestion that you may have.

A couple of questions first:

How much do you need? And Do you have a source of income?

Those questions come into play, because you could go to the lender and propose something like this:

I need X amount of money to refurbish this property. Because the amount of the loan is small the loan to value is small. On top of that I have this personal income that can be relied upon to service the debt during the refurbishment period.

Once they bite on the idea, you could try to negotiate an interest only for a year {six months to refurbish and six to rent it}, and then something like a five year amortization. Once you get it rented you can probably do a cash out if you want to buy a second property.

Depending on where the property is located you need a Hard Money/Rehab loan (temp) to redo the property and then refi, renting it out. Hard money is an interest only loan usually involving 13%+ Interest with 3-7 points. There are many private investors that offer this type of financing.