owner will occupy 80% of the retail space, existing lease on the other 20%, and lease the apartment
Will additional properties be collateralized?
Borrower Credit Rating
Borrower currently rents retail store, now buying building with one existing tenant (15% of the space). He will occupy the rest. Building also has a 3BR, 2BA rental apartment on top. Purchase price is $450K, He would like 70% LTC. FICO scores of principals: 640 and 700