Refinancing a Commercial Loan
My partner and I are closing on our first property today. The bank requires this to be done through a commercial loan since we formed an LLC to buy the property. The home needs plenty of rehab and then we wanted to refi down the road. I heard someone mention on one of the podcasts that his commercial loans can be refinanced almost immediately upon completion of the rehabbing. I just wanted to know if this is a widely held industry standard or something this particular investor brokered through a relationship with a local bank?