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    nm1821's Avatar
    nm1821 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 4, 2007, 10:58 PM
    What do the experts think?
    I recently inherited some commercial property with no mortgage. I want to start my own business but my savings are very limited. My question is... can I take out, or would I even qualify for a mortgage on the property that I now own, to start my business? The property has a rental income of appx. 2800/month, but I am unemployed. It was recently appraised for 525,000. If so how much would they give me? Do I even have to tell the bank what the money is for? I have head through some friends that having no initial mortgage I would be a great candidate.. any help would be greatly appreciated!
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Mar 17, 2010, 05:16 AM

    1) Choose a new venture.
    2) Get an expert to prepare a business plan.
    3) Take this business plan to
    Several bankers for approval.
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