Is it possible to get down payment assistance for a first time investor on commercial properties?

In Buying Property - Asked by Ronnye L. - Dec 17, 2012
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Answer(s)

real e.
Broker/Agent
New York, NY

Yes there are companies out there that do that, but you need to make sure that's it's legit and legal company. It was my understanding that many past programs were outlawed by the fha because of unethical practices. Try looking into government grants/loans programs that may be around for small business. A link is provided in the web reference. good luck!

Dec 18, 2012
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John K.
Elkhorn, NE

What is your answer.

Dec 19, 2012
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Carmen C.
Owner/Investor
Birmingham, MI

Another option is using an asset based lender with any properties you may already own, even personal assets. Obviously, free and clear ownership would be ideal, but even with using them to refinance the current mortgage, assuming the equity is enough, you can always go that route. Anything can be done, you just have to think creatively. A good asset based program, like ours, will work in the hardest of situations. That's because they will fund just about anything of value that can be easily liquidated. FYI, you're going to pay for it , as well- with interest rates typically around 12-18%, but IT"S WORTH IT if you have a good exit strategy!

Jan 8, 2013
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real e.
Broker/Agent
New York, NY

Hi John K.,
I'm sorry if I wasn't clear enough. My answer to the question of is it possible to get down payment assistance for a first time investor on commercial properties?
My answer: In my opinion, yes.
Why:
Because there are companies out that provide that service, but you need to make sure that's it's a legit and legal company. It was my understanding that many past programs were outlawed by the FHA because of unethical practices. Try looking into a government grant/loan program as an additional option that may be available for a small business start-up. A link is provided in the web reference. Good luck!

Apr 2, 2013
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