Post a new topic
    1 Reply Latest reply on May 13, 2009 6:56 PM by BizSavings

    How can I get funding for my mortgage free commercial prop.

    jmavadia Newbie
      I have mortgage free commerical property in Piscataway, NJ.

      Piscataway city and Middlesex county had given us enough trouble by not letting us rent before we improve half parking, which was less according to their calculations.

      Now almost after two years of Planning board, of city and county fight, not to forget expenses of lawyer, architech and engineer, we are the end of getting approval.

      I borrowed money from my personal home refinance and with out income from the property I am drained out.

      Property is worth atleast Five Hundred thousand. Free and clear.

      I need atleast One hundred thousand to follow the county and city regulations for redoing parking lot.

      But the killer is City also want performance bond for equal amount of construction as well as county.

      I have to come up with triple of actual construction cost, 1/3rd Actual construction, 1/3 city bond, 1/3rd county bond.

      Banks have stoped financing equity on my commercial property.

      Under which program I can qualify for construction loan or property developement loan etc.?