Qualified for large commercial loan--HELP!
I own two properties free and clear valued at $1.2M. Do I take the commercial loan before I have a new property to invest in? Or do I pay a higher interest for a "heloc" type loan? Hoping to learn about some things I may not be considering, and would love some input on where to safely park the money. Thank you!
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Greg Dickerson
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Greg Dickerson#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
@Maureen Rhodin It all depends on what type of property you own now and what you want to buy next.
You need to run numbers both ways to see what provides the best cash flow. A line of credit or a refi. The loan terms, rates and length with vary depending on the type of properties you own. Interest rates are pretty low right now so you may want to refi and lock in if that works for cash flow.