Anyone successful refinanced a commericial property recently?

Question

Hey BP,

Has anyone been successful in refinancing out of commerical investment properties over the last 60-90 days in a state you DO NOT live in?

I've spoken to about 3 local banks in Cleveland, 1 regional bank, Wells Fargo and CBRE. So far, they either don't want to work with me because I don't live in Cleveland or they're just not offering commercial refinancing on investment properties atm. CBRE has a mininum of $750k

I have $500k invested between two, 6-unit buildings.. and I also own two residential properties that are probably worth about $50-$60k.

If anyone has been able to successfully refi, and you know they're willing to work with an out-of-state owner, please let me know.

Thanks

Joshua Zamora · Answer

Thanks Brandon! I'll be reaching out to them this coming week.

Steve K. · Answer

@Joshua Zamora @Eric Johnson might be able to help you out.

Mary Aviles · Answer

@Joshua Zamora I just completed one commercial loan today and I'm doing another one at the end of the week. I also paid cash and wanted to do cash out refinances. I secured 30 year, fixed rate (4.5%-5%), low cost loans in my LLC.

The problem you're having is not that you're out of state but you're working with conventional lenders, such as banks, that are not used to working with commercial/investor loans. You have to use a commercial lender who works with real estate investors. These lenders know exactly what you're looking to do, so you don't have to explain anything, and they're quick and easy. They have many different loan products for you to choose from, including rate and term, cash out, portfolio, ARMs, etc.

I used Finance of America, which is a nationwide commercial lender, so they'll be able to help you, too. PM me for contact details.

Joshua Zamora · Answer

Thanks for the helpful insights Mary. I'm quickly learning that there's a whole area of financing that I have to learn more about haha. What you're saying definitely makes sense. I'll reach out to Finance America

Joshua Zamora · Answer

Thanks Eric. I'll give you a call this coming week.

Brandon Sturgill · Answer

@Joshua Zamora we've done some commercial loans with this group locally...not 100% if the lend in Cleveland

https://www.helpbringer.com/lo...

Eric Johnson · Answer

@Steve K. thank you for the tag!

@Joshua Zamora please reach out to me, see signature for email deets. Thanks

Joshua Zamora · Answer

That's the plan. I was just hoping to get some recommendations from people who have done it already so I can save some time :)

Joshua Zamora · Answer

Hey Brandon,

I bought them with cash so zero debt atm. Looking to cash out and recycle the money to get more.

Tarik Turner · Answer

Either keep calling local banks or go with a portfolio lender but you should be able to find a refi product for your commercial deal they are out there and available

Anyone successful refinanced a commericial property recently?

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