SBA Financing Commercial Building (51% occupancy?)

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by a searcher from Georgia Institute of Technology
in Atlanta, GA, USA

1yr ago

SBA Financing Commercial Building (51% occupancy?)

Any lenders out there with experience financing a multi-unit commercial/flex building? This building has 10 units. We occupy 3 of the 10 and want to buy the entire building. About half of the building is rented and all 10 units have their own separate TIN (tax ID/parcel #), which makes it more complicated. Not sure if lender (or SBA) would need all 10 units combined into one parcel number? Seller does not want to sell them individually and wants to unload entire building. Property is located in Georgia. $1.4M purchase price. Thanks in advance!

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reply by a lender 1yr ago
from University of Missouri in St. Louis, MO, USA

Fred, it depends on the usage and the plan. you occupy 3 units but each unit has it's own EIN. Are these condos or one individual building? If the latter why would their be separate EINs? you occupy 3 units today. If you want SBA funds you operating company (if that is what we are talking about) would have to occupy 5-6 units within short order to be SBA eligible. Feel free to email me to discuss if you think that would be helpful. redacted

reply by a lender 1yr ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

We do owner occupied commercial financing via both SBA and conventional lending options. We would love to take a look and see what we can get done for you. You can reach me here or directly at redacted