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!

Go to a bank or a mortgage broker.

Do you know anyone in those fields?

There should be a lot of high profile banks in the Windy City.

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Metternich

mortgage broker a good choice- he will have many choices for you, from savings banks to insurance company loan programs.

you will likely only get 70-75% LTV, so will need equity for the balance. most commercial loans will balloon in 10 years.

the terms will also depend on your ability to personally guarantee the loan, other assets which could back it up, other income as collateral.
the real property will need to appraise at nearly full value, as well.

good luck