Can i get a loan from the bank to buy a 700k apartment without financial income?

Owning a bar you have income and it is provable so why are you asking this question.

you may have a bar, you also may have a loan out on it which would hinder any more loans

then there is the measure of success of the bar you would need a VERY good profit and loss to get a loan on a $700K place

of course you as you say you don't have financial income there is absolutely NO chance of a mortgage

but owing a bar if it is successful; is income

Possibly, if the bar is free and clear of any mortgage and you show income

tax returns for some years. You may be required to put up some collateral.

you have income if it is from a bar. talk to a bank today or on Monday about your plan. they will ask about your 'revenue' stream from the bar, and may take a securitization position of all your daily income in order to secure the mortgage.

Uh, If you own a bar and it will let you pay the loan back the money from the bar IS income. They'll look at your last 2 or 3 tax returns to show the income.

If you own a bar, then you have business income. Show that it's steady income, and that will qualify you for a loan. To buy a 700k apartment, it depends on how much cash you have and how much the bar generates.

In order to be able to be approved for loan of any type, you must be able to show the ability to repay the loan.

Anyone is able to walk into a lender and say I want to borrow $700k I am able to pay it back to you in 4-5 years.

It does not make good business sense to lend money to individuals where there is no proof of the individual being able to repay the loan.

Anyone is able to say I will repay the loan in 4-5 years. How would the lending institution know this?

You own a bar. That is great. does the bar have a positive income and are you able to proof this with federal income tax returns for the past 3 years or so. Are you able to back this proof of income up with financial and bank statements?

I want to buy your bar, I am able to repay you in about year of so. I have no proof that I have even operated a bar before and have no idea if the bar is able to pay for itself, yet I want you to sell me your bar and carry the sale price for 2-3 years.

I also do not have a job and have no tax records or bank statements. Sell me your bar without this information.

How much of the $700k do you have for a down payment" Normally you would be required to have a down payment of approximately $140K with the sale price of the apartment being around $700K.

You would not even be able to have the current owner carry this loan without a large down payment and proof that you have the ability to repay the loan borrowed.

You might want to check with the current owner and find out if they would be willing to carry the loan for you and the conditions under which they would be willing to do this.

I hope this has been of some benefit to you, good luck .

"FIGHT ON"

Save the income you plan on paying for a loan and when you have $700 you won't need to borrow. Think of the interest you will earn rather than paying for a loan that you probably can't get.

If you own a bar, then you have income.

Probably not. Even with a big downpayment this will be difficult. Best would be to talk to the bank and see what they say. This should be a free consultation.