Have a commercial building that was purchased about 4.5 years ago with a private mortgage. In 6 months the mortgage has a call option if I want to refinance. The remaining balance is around $70k and the building market value is around $350k.
I would like to cash out refinance to lower monthly payments, lower current interest rate of 8%, extend the term, and leverage the additional equity.
The commercial building is one of many properties owned in an LLC, however the LLC has claimed a loss for 7 consecutive years. Are there any options for refinancing? Should the property be transferred to my personal name for loan qualification? Which banks or online lenders are a good place to start? Anyone else have experience cash out refinancing a commercial building?
I would recommend you contact a local commercial bank. If this were my market I could get 65 LTV cash out around 5.25 with a 20 year am (or less) and 5 year’s fixed. Try looking for bankers at local banks and build relationships with them. If one turns you down just keep trying. Good luck!
You definitely have options. There are stated lenders who will do this so no tax returns needed. PM me if you want.
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