Podcast Episode 22: “How Snoopy Should You Be?”
Commercial financing of real estate, (usually six units or more ) is different than retail financing. Lenders have their own lawyers and require more diligence. If buying in a corporation your lawyer usually has to provide the lender’s lawyer an opinion that your corporation is properly incorporated with the power to make a purchase and mortgage property. Your minute book must be up to date or delays will occur. Lenders usually won’t lend to someone who has gone bankrupt. In a joint venture ask your partner, “have you ever been bankrupt?”
Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.
The full-text version of this Tale from the Trenches can be found HERE.
Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.