I am interested in doing a cashout refinance on a 147 unit self storage facility in Cleburne, Texas but local banks will only refi current loan amount. Recent appraisal of $490,000 with loan amount of $195,000. Any suggestions on where I might look for a cashout refi? Thanks in advance. Jeff
What will the cash out proceeds be used for?
Depending on the cash flow I may have a number of alternatives.
I will send you my contact info.
Look up David Feriancek with Stearn's Bank out of Minneapolis. I've used him to fund two storage facility projects. He may be able to help. They are a national lender.
Terry Campbell with Live Oak Bank - they specialize in SBA 504 and 7a loans for purchasing, developing, and refinancing Self-Storage Facilities.
He's funded many of our deals as well as many of our students, and he attends all our live events.
Tell him I sent you.