Commercial/Investment Mobile Home Cash Out Refinance

Jacksonville, Florida
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Commercial/Investment Mobile Home Cash Out Refinance

Jason CrowePro Member
Real Estate Agent · Jacksonville, FL · Member since 2019 · 214 posts · 47 votes

Can you cash out refinance on your investment commerical property and investment mobile homes from a lender?  Is there vendors out there that will do this sort of cash out refinance as a package?  As a package though and not individual real estate CASH OUT refinances.  How much of a percentage or highest percentage that others have seen in florida?

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Riaz Gillani
Lender · Member since 2021 · 100 posts · 164 votes
4y

If the commercial property you're referencing is true commercial (retail, office, industrial etc) definitely not. The asset classes are too different for a lender to cross collateralize and have a reliable takeout. A balance sheet lender theoretically could but then you're looking at a pretty short term loan with high interest rates. 

If the commercial property you're referencing is investment-residential (SFR, 2-4) it's not as certain that you cannot - but it is unlikely. Reason being it's not often you can get a cross-collateralized loan on two properties. 3+ min, 5+ the norm. Add to the mix the mobile home element - which lenders already have an aversion towards.

Still, though, the 'balance sheet' lender can do it. They make the rules when it comes to their fund and don't answer to secondary market requirements. But explore other options for raising your capital if you can.

Out of curiosity, why are you keen on a single loan? Do the properties not Debt Service individually? 

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  • Riaz Gillani
    Lender · Member since 2021 · 100 posts · 164 votes
    4y

    If the commercial property you're referencing is true commercial (retail, office, industrial etc) definitely not. The asset classes are too different for a lender to cross collateralize and have a reliable takeout. A balance sheet lender theoretically could but then you're looking at a pretty short term loan with high interest rates. 

    If the commercial property you're referencing is investment-residential (SFR, 2-4) it's not as certain that you cannot - but it is unlikely. Reason being it's not often you can get a cross-collateralized loan on two properties. 3+ min, 5+ the norm. Add to the mix the mobile home element - which lenders already have an aversion towards.

    Still, though, the 'balance sheet' lender can do it. They make the rules when it comes to their fund and don't answer to secondary market requirements. But explore other options for raising your capital if you can.

    Out of curiosity, why are you keen on a single loan? Do the properties not Debt Service individually? 

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y
    Quote from @Jason Crowe:

    Can you cash out refinance on your investment commerical property and investment mobile homes from a lender?  Is there vendors out there that will do this sort of cash out refinance as a package?  As a package though and not individual real estate CASH OUT refinances.  How much of a percentage or highest percentage that others have seen in florida?


    If the mobile home is on a land lease, it will be tough to find a lender that would refinance it, especially a blanket loan. Are the commercial properties 5+ units? Retail? or any other type? I have seen lenders that are able to do a blanket loan on commercial properties, some offer a 5/1 ARM and others can do a 30 yr fixed rate, fully amortizing.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
    WebsiteView Page
    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y
    Quote from @Erik Estrada:
    Quote from @Jason Crowe:

    Can you cash out refinance on your investment commerical property and investment mobile homes from a lender?  Is there vendors out there that will do this sort of cash out refinance as a package?  As a package though and not individual real estate CASH OUT refinances.  How much of a percentage or highest percentage that others have seen in florida?


    If the mobile home is on a land lease, it will be tough to find a lender that would refinance it, especially a blanket loan. Are the commercial properties 5+ units? Retail? or any other type? I have seen lenders that are able to do a blanket loan on commercial properties, some offer a 5/1 ARM and others can do a 30 yr fixed rate, fully amortizing.


     Just as long as the properties are of the same type, same location, and can debt cover. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
    WebsiteView Page
    0Reply
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