Advice On Small Commercial Financing

[Dani Yang-Todd]

I have a double units residential/commercial duo zoned building, and I have 100% equity on the property. It was purchased in 2020 with $78k. One side came with a tenant who provides services to public, and the other side is vacant.

I’m trying to get some cash out so I can get the vacant side renovated and rented out. Spoke to a few lenders, and I was told that the property doesn’t worth enough for a commercial loan, or a heloc. 

What other operations are there? I’m confused that I own the building 100%, but I can get any cash out. 

[Charles Carillo]

@Dani Yang-Todd

With smaller properties, I have found that financing is most easily obtained from local institutions. I would suggest calling all local banks and credit unions within an hour drive of the property and see what they offer. You will find an array of different lending programs.