I very much appreciate your response. Finding an alternative means to funding is seemingly way over my head. So your comment is immensely helpful & informative. And somehow not overwhelming! Thank you so much.
With that said, I understand why I’d need to prove the ability or cash flow to repay the loan. Is there a way to have a conversation/ the chance to explain your plans to the lenders? I wouldn’t be relying on one source of income. I’d like to use said property for my own business of course, and add to it a Uhaul rental (hookups included, as I will be on-site for my own business), rent 1 or 2 of the office rooms out, and parking space to other local businesses that are mostly mobile (home cleaning services, in home medical care or therapists, etc.) I expect the Uhaul income to cover the minimum monthly loan repayment by itself. I think I have a good plan- would you still be expecting loan rejections from all lenders even with a plan ready to go like I described?
I very much appreciate your response. Finding an alternative means to funding is seemingly way over my head. So your comment is immensely helpful & informative. And somehow not overwhelming! Thank you so much. With that said, I understand why I’d need to prove the ability or cash flow to repay the loan. Is there a way to have a conversation/ the chance to explain your plans to the lenders? I wouldn’t be relying on one source of income. I’d like to use said property for my own business of course, and add to it a Uhaul rental (hookups included, as I will be on-site for my own business), rent 1 or 2 of the office rooms out, and parking space to other local businesses that are mostly mobile (home cleaning services, in home medical care or therapists, etc.) I expect the Uhaul income to cover the minimum monthly loan repayment by itself. I think I have a good plan- would you still be expecting loan rejections from all lenders even with a plan ready to go like I described?