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I am looking to start a bar in Chicago, IL and I know the building that I want to acquire. I have a partner who is able to put $350-400K into the project but the building itself will cost between $750K-$1M to acquire and will require anywhere from $100K-200K to restore and convert. I would like to know the best place to go for a commercial real estate loan keeping in mind the significant funding we already have. I would like to limit the down payment to about $100-150K to keep the rest available for the bar itself. As a side note my personal credit score isn’t fantastic (about 630). Also, the building is not currently a bar but an old theater so it will require remodeling, however they do hold a liquor license so it is properly zoned.
Thanks!
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I have recently been offered a job at a commercial real estate brokerage firm in NYC, and I am trying to figure out either, what to expect or what questions to ask. Should I expect a draw, will it be salary based + commission or 100% commission based. What kind of benefits should I ask about? Also, how should I go about asking these questions with out being out of line or seeming presumptuous?