Commercial loan advice
this may be a stupid question, but is there any way to take out equity in a commercial property without doing a refi?
I developed the land, built a warehouse, leased it up with a 5 year tenant, and currently have an NOI of 234k annually. My cost basis is at 2.1 mil and at a conservative cap rate for my area would be a 6.7%. Therefore, I have close to 1.4 of equity in the property. I have a great rate of 3.95% with the bank that wont mature for another 5 years or so.
Is there any way to get the equity out of the property without doing a refi? I am assuming I would lose the great loan rate and go up to 6.5%, likely more. I really dont want to sell the building, but it would be nice to get the equity out to built my portfolio. Suggestions??