Negotiating Purchase Commercial Storefront
We are negotiating the purchase of a multi-use building commercial storefront w/ one apartment) with a land contract.
The length of term we are looking at is 3 years.
I am nervous about the balloon payment --
Is a commercial lender likely to look more favorably on our commercial mortgage application after we have these 3 years of demonstrated payments plus the down payment that was made initially?
We were unable to obtain a bank commercial loan to buy the building because we want to continue to live in the entire building and run our arts organization out of it (we are currently renters) instead of having an established business take over the storefront.
I hope this question makes sense!