Cash out Refinance of Commercial Property?

13 Replies

Has anyone had any experience with this?  I'm trying to find a bank in the Boston Massachusetts area but I'm having a hard time.  I've called about 10 so far and will continue to but no one is willing to do it even with 40% equity.  I wanted to pull equity for future projects. 

 I defer to the BP Community to help me and share your experience.

Thanks!  Have a great day all!

if an appraisal will support it and the property is producing income then I'm not sure why you couldn't cash it out for up to 80% LTV

How many units and what is the loan amount are you trying to obtain?

129K mortgage 235K assessment. Looking for 50K which is within the 80% LTV.

Hi @Ryan Rogers - What are the reasons they are giving you?  Got to love the banks!  I have dealt with a lot of different lenders and I know of a few that can lend where traditional lenders can't or won't.  Inbox me/Colleague Request and we can discuss.

Originally posted by @Ryan Rogers :

129K mortgage 235K assessment. Looking for 50K which is within the 80% LTV.

At that LTV you would need a new first as a LOC generally caps out at 75% CLTV on my lender's product.

Originally posted by @David Acosta :

Hey @Ryan Rogers, any update on your search for a cash out refi?  

Not yet:(

Completed a cash out refinance at 80%LTV on a commercial property finally!

Originally posted by @Ryan Rogers :

Completed a cash out refinance at 80%LTV on a commercial property finally!

 What was the value of the building and with what lender? 

Originally posted by @Ryan Rogers :

Completed a cash out refinance at 80%LTV on a commercial property finally!

 Glad to hear it worked out!  Was there a specific tipping point for you that got things moving in the right right direction?

We have a commercial property in Snellville GA which is 98% occupied with an assessment of $2.35MM. Looking to cash out $1.5MM and we have a current mortgage of about $660k. Is that possible? @Darryl Dahlen


Who did you use for cash out refiinacne @Ryan Rogers



Ryan Rogers: Glad to hear you captured the unicorn in the room. I have heard many frustrating answers on the cash-out refi opportunity on apts. So, here are my questions: What was the seasoning period (heard 6mos to 2yrs)? Is the 80% based on NOI or on the owner equity? When you did get the refi what was the qualification process? Any and all comments are appreciated.

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