While trying to secure the building on 12th and St. John, we inquired about getting a mortgage for the daycare.  Here are some interesting tidbits we found out:

  1. A daycare has to have 2 years worth of operating financials.  So unless we had a home and operated for 2 years, we could not secure a mortgage.  Which came first?  The daycare or the mortgage.
  2. You need to have 25%-30% down to secure a mortgage.  Daycares are considered “commercial” properties despite being non-profit (and, in our case, a charity).
  3. Private lenders (at least those we spoke to) have issues funding a daycare.
  4. Corporate sponsorship is not available for a capital purchase (under the Community Sponsorships).

And you thought getting a personal mortgage for your house was hard?

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