Hello everyone just purchased a commercial property mortgage free 2 weeks ago. How long does the property have to season before its qualifies for refinance, commercial mortgage or business equity line of credit the property is zoned Agriculture.
@Dayrone Edwards With owning the property free and clear. There is nothing stopping you from calling a bank to see if they'll give you a loan on the property, to recoup some or all the the purchase price. But from your question, it's also tough to tell what you've got (productive farm land, empty warehouse, raw land in the path of development, etc.), what if any income it's generating, and what skills you bring to the table, since that'll also dictate what/if any kind of loan you can get.
@Rene Owczarski I spoke with the bank today being that the property is zoned agricultural along with the previous owner used it as a paint and body shop it qualifies under commercial lending guidelines. The bank only requires a tenant with a 5yr lease agreement. Once I have that in place I can fill out a loan application the next day.