For a residential loan, you can easily get "pre-qualified" or "pre-approved" to buy a just about any home up to a certain price point. With commercial properties, it's always on a case-by-case basis.
You can get a informal pre-qual from any banker or mortgage broker for free, but it won't mean that much to a seller. All a commercial pre-qual will do is verify your down payment funds, review your other income sources and tell you what you can afford to buy. If you want to use it for your established business, consider an SBA 504 loan. For a vacant property, you can expect to put down 50% to get financing, since few banks are taking risky bets. For an 80% (or more) occupied office or retail centers, 30 to 35% down is typical these days. Expect to also put up some extra funds (up to 2-5% of the purchase price depending upon the property) for reserves to be held by the lender. These are for leasing commissions, tenant improvements and misc. maintenance work.
Sep 29, 2011