bad credit with commercial/mixed property

tammijo · Joined: 08 Aug 2005 Posts: 2

I have a dilema.......I own free and clear commercial property. The city allows mixed use although it is classified commercial. I am currently living in the rear of my building.
I do not know the value of this property, I can only guess and estimate what I paid for it and what I have put into it. Before I purchased it, it was on the market for 47,000.00.
It was in dispute between 2 brothers from their mothers estate. The executor finally sold it to me for the balance of the lein which was 20,000.00. I have put about 8-10,000.00 into it.
My credit is bad and since I own commercial property and not residential property, I am having a heck of a time getting a loan. I will put this property up for collateral but because its commercial (and my credit) I can not get a loan.
A loan would benefit my situation 4 different ways. Any suggestions?
1. it wil clean up my credit.
2. it will improve and increase the value of this building
3. it will expand the business and have more room for new
products.
4. i will be saving money buy living on the property or if I
want to rent it, it will increase the monthly rent.
My credit score is even worse now because I have a ton of inquiries because of the loan applicatons I have filled out.
I dont know where else to go. Im getting desperate and thinking I should take the offer made to loan me 30,000 for a return of 128,000.00. Thats crazy, but I have to do something quick.

The commercial property is located in Il.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

What state is your commercial property located in?