Best refinancing Strategy

[Account Closed]

I bought a commercial mixed use five unit in 2007 when I was 25 years old and my balloon is maturing next year. It's worth about 800k and I owe 412k. The building nets 15 k per month. I do vacation rentals on the residential apartments for the last two years. Will a lender refinancing the 412, with vacation rental model? I also have a bankruptcy from 2010 due to the crash in 08. My credit is at 650 fico

[Eric Schleif]

You should speak with lenders or a broker about this deal. I would start with the current lender.

A lot depends on what happened with your bankruptcy, your current financial position, and the asset itself. It's not clear what type of asset you have from your post. You mention it's a commercial asset and that you rent out some units as a vacation rental. Since you are not cashing out and looking at a low leverage deal I would think you should be able to refi this.

[David Roover]

Agree with @Eric Schleif, you should be able to refi. Low leverage and good NOI. Banks and traditional lenders will likely balk, but there are alternative lenders who will look past your BK. The vacation rental aspect is interesting...as that sounds more like lodging than multifamily.