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Robert Pena Save to Address Book Block Sender
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Re: property on 18th street
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Tue, Jun 19, 2007 01:58 PM

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Any commercial bank will do the loan w/ a minimum of 20% down (First Commerce Bank, Texas State Bank, International Bank of Commerce, Bank of America, American Bank, First National Bank etc. etc. The term balloon means that the loan becomes due and payable and must be refinanced or paid off at that time. "eric_dexter@netzero.net" wrote:
The size of the down payment is out of the question although I might be able to pay it off in five years (I am not sure I understand the term balloon).. If you know of a bank lender that is willing to do less than 100k I would like to know who they are for this or another property.
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I was talking to coldwell bankwell and they say no one loans money for less than 20% down and then I look online and they do comercial loans for less than 20% down.... As a sale tek they may call that over coming an objection... The objection being 30% down and paying the entire amount in 5 years... The other problem with this is you can't get a loan for less than 100k so you have a default in 5 years if everyone is on the up and up... This is a corpus christi based coldwell bankwell franchise and not the company that ripped me off but I have to question the ethics or thier knoledge of what they are doing. With a good lender there could be a sale and I want the protection that a lender is going to want (protection of assets title insurance exc...)

# posted by Unknown @ 6/20/2007 06:17:00 PM