First time commercial loan without a business history?
I am completely new to the commercial real estate world and need some direction!

A family member and I are looking at purchasing a commercial building in my local downtown. The plan is to turn it in to an event venue (weddings, rehearsal dinners, corporate events, etc). 

How do we get a loan for this? The building is priced at $575,000. We have the cash to put down 20-25%. However, when I do research on obtaining a commercial loan - I see strict reqs about business history of at least two years and profitable. We do not have business history because this would be new. 

I understand banks need assurance on loan payback, but does our personal full time jobs income history not come in to play here? We have enough personal monthly income to cover the note even if we made nothing from the property. 

Any help from this community would be amazing! Thanks
[{"id": "gcicqm6", "text": "For an investment loan on a commercial property it\u2019s based on 2 main factors: personal cash flow and property cash flow. \n\nHowever you are proposing that you\u2019ll operate a business out of this, making the property owner occupied. This is a start up business and you likely need private money to get a loan. Lenders typically require 3 years operating history +YTD although some SBA lenders will lend to you as long as you\u2019ve filed 1 years tax returns for the business. \n\nYou\u2019ll probably need a business plan, projections, start up budget, bio detailing your background in event hosting, along with all the other typical loan requirements (taxes, bank statements, credit, etc) to get someone to consider it", "replies": [{"id": "gcik5t3", "text": "This plus a comprehensive zoning review. Event spaces can be tricky.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gcjg6vz", "text": "With that much down, it might be worthwhile to make an offer with financing through the seller. Do $125K down - 8% owner carry - with a balloon at 5-10 years.  You\u2019d be surprised how often these type of offers get accepted on commercial property.", "replies": [{"id": "gcjjyh9", "text": "Thank you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "gcjinj3", "text": "reach out to an SBA lender if you can. There are specific programs to help businesses buy real estate they operate in (SBA 504)\n\n&amp;#x200B;\n\n[https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf](https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf)", "replies": [{"id": "gcjjv8f", "text": "Thank you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "gcjte0k", "text": "Where are you at that is doing large indoor weddings and corporate events?  This is about the worst year in a century to start that type of business, financing might be a little tougher than you think.", "replies": [], "depth": 1}, {"id": "gck1ei2", "text": "Echo what others have said, if you were buying an investment property with some solid tenants, and good outside income probably a deal here, but with start up nature, SBA or seller financing are your best options.", "replies": [], "depth": 1}, {"id": "gcl3tq8", "text": "Are you planning on keeping your existing positions?  If so, that income will be taken into account.  Your best chance is the SBA- but like others have said, a building for this purpose would be difficult to finance.", "replies": [{"id": "gcm5kka", "text": "Yes it seems the SBA is best chance. Appreciate it!", "replies": [], "depth": 2}], "depth": 1}, {"id": "gf3gl3q", "text": "Good thoughts here, I'd especially consider the suggestion made by u/LVfutures.\n\n&amp;#x200B;\n\nAnother option, whether or not you intend to become more \"institutional\" down the line, is to co-sponsor the deal with an experienced investor who has a few years of qualifiable cash flow on the books and preexisting relationships with lenders. The downside of this is that it is potentially more complex and not as generous to you compared to obtaining owner financing. If you have a friend/relative/connection who has experience and is willing to invest, that might be your answer.", "replies": [], "depth": 1}]