Refinance residential mort to commecial mort
Hello,
Has anyone on BP been able to take the residential loan and refinance it into a commercial loan? Someone from BP provided me with this idea and I am wondering has anyone successfully performed this. I have a few questions below.
-What are the loan requirements?
-How expensive is this process? (Fees, appraisal, rate increases, Insurance etc)
-IF there is an LLC created and this is able to happen, is it still reported to the credit bureaus on your personal report?
-Can you provide a brief overview of your experience?
Thanks to all whom participate