About to lose 1 million. Help me!!!

**jeanrhee125** · 10-27-2008, 05:45 PM

Hi. I sold my investment property for 4.5 Million, and because of 1031 exchange, I immediately decided to buy another property for 7.2 Million in NYC and put $700,000.00 as a deposit. I have 2.86 Million to put down for that property. The closing date is mid-December. Due to current market situation, I have a hard time getting the loan I needed, which is about 4.5 Million (also partly due to my reported annual income, which was only $56,000). The property yields an annual rent cash flow of $400,000.00. The problem is that if I don’t get the commercial loan of 4.5 Million, I am bound to lose $700,000.00 and have to pay the real estate gaining tax. I have to do something; otherwise I will be losing more than a million. Any advice would be very much appreciated.

**wexeter** · 10-28-2008, 06:55 PM

What type of property is it? What kind of use? What type of loan are you looking for?

**jeanrhee125** · 10-28-2008, 08:35 PM

It is a 10,000sf commercial property - first fl. with retail shops and second fl. with offices (all occipied). I am looking for a commercial real estate loan.