 Unusual Situation
I have a potential customer and here is his situation:
He has a commercial property that consists of one 4 unit apartment building and one 3 bedroom house. The properties are all on one deed and zoned commercial. The value of the property is in the 100,000 to 150,000 range. He is looking for a loan for $80,000.
The problem is with his lack of credit; he is 21 years old and really has no credit reporting. He has income of $22,000 a year.
People are turning him down for either the commercial aspect or the lack of credit.
Any suggestions.
Thank you
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