I have a local real estate investor that would like to purchase a strip mall here in Reno, NV. Price is $1.87M. 6 suites with 3 currently leased. Customer would like to purchase and also borrow $110K for cosmetic rehab.
My investor has good credit, he says 790 score, but has not owned similar properties. His previous experience is in owning single family rentals and he currently has 3 of those. He is able to put up to 15% down on this strip mall.
Could you please tell me if there is financing available for this investor?
Thanks for considering this.
Just read your post and I do have a great option for strip malls but it would be a bridge loan. Your investor would be looking at 18 to 24 months at 65% LTV on the purchase, then 100% financing for his rehab. The lender is located in California and offers funding in Nevada. If you are interested in going this route, please send me a PM so we can schedule a call to discuss this purchase.
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