Commercial Mortgage Advice: Balloon matures next year
Need some advice friends... My back is against the wall on this one. Any ideas would truly help.
The Facts:
- I have a mixed use 2 unit commercial property, i bought it in 2007 during the boom for 500k
- 2nd floor is a 4 bedroom residential
- 1st floor commercial storefront space with full basement with 3 car connected garage on 1st floor ground level
- Total of 5700 square feet
- I owe 399k and the value is about 800k.
- I put in 150k within the last 2 years
- My balloon matures in April 2017
- Credit score is at 700
- S corp grossed 199k last year 2014 and 2015
- Building is under my name personally not in an LLC
- Originally financed by Lehman Brothers
- In Chicagos Lincoln Park Neighborhood, very good area
The Problems:
- Have been denied twice this month.
- Filed for chapter 7 bankruptcy in 2011
- Current servicer will not extend the loan
- Have nobody to cosign for me
- Completely empty currently, (no tenants, lease was broken last month)
- Was doing vacation rentals (Airbnb) in 2nd floor apartment, (banks do not care for this)
The Solutions:
- Sell the building
- Refinance, extend terms preferably 10 year
- Start a business in commercial space (Day Care, Event Space, Tavern). Will owner occupied business give me better chances of refinancing?
- Search for investment partner in businesses above to occupy the space together
- Creative financing: For instance; get investor or partner to take out loan and pay off 399k and get 50% equity stake in real estate?
- Get permanent tenants for commercial and residential space. 3500 +2500 = $6000 monthly, try refinance again.
- Any other deals to pitch to investors?
If anyone has any other questions please feel free to ask. Really seeking some real world advise. Thank you