What is the name of your state?NY
My brother is currently renting a garage and is now considering buying into the property and has some questions. I am a mortgage processor but I work with residential so I wasn't sure of the guidelines for a commercial property.
The property is currently owned by 2 gentleman who have an Limited Liability partnership. Partner A has a loan against his half of the property and Partner B owns his half free and clear. My brother would be becoming partners with Parner B. How do commercial loans work, since my brother would only own half would the loan be the primary lien? Would the partner have to sign the loan paperwork since he is part owner? Any help would be appreciated.
My brother is currently renting a garage and is now considering buying into the property and has some questions. I am a mortgage processor but I work with residential so I wasn't sure of the guidelines for a commercial property.
The property is currently owned by 2 gentleman who have an Limited Liability partnership. Partner A has a loan against his half of the property and Partner B owns his half free and clear. My brother would be becoming partners with Parner B. How do commercial loans work, since my brother would only own half would the loan be the primary lien? Would the partner have to sign the loan paperwork since he is part owner? Any help would be appreciated.