Refinance options for commercial property

[Shawn Rogers]

Looking to pull some equity out of commercial property. Thinking about a heloc loan just because of options, term and keeping cash option on hand if economy turns next year. What loan options are some of you doing?

[Chris Levarek]

@Shawn Rogers It would be along the lines of a Business line of credit or BELOC, Business equity line of credit using the property as collateral. We have found that the property must be commercial in nature and/or 5 units or more. If it is 4 units or less, it will typically be a HELOC and should be in personal name not business name. For a general business line of credit, they will look business incomes for last two years.