Commercial - Mixed Use Financing Cleveland Ohio

[Zachary Collard]

Hi All,

I'm asking for some leads in the right direction, I recently purchased a mix use building in Cleveland, Oh. I purchased the property on a line that I need to clear in the next 6 months. The issue I am running into is small bank/ credit unions dominate the commercial lending space and they want you to be local to lend. I am located out of state and this is straight investment for me (I won't owner occupy). Here are some details:

Balance - $348k

12 units (4 retail 8 residential)

Purchased in my LLC name


I own another 23 units outside of this property in Cleveland OH that are lien free, I definitely could explore a cash out option on some of the other properties but at this time I would prefer to avoid this.

I’m having trouble finding the best way to get this refinanced, any direction or thoughts you can provide would be greatly appreciated.

Zach 

[Uri Gofman]

I would definitely talk to a seasoned mortgage broker who deals with commercial properties.  I think they would be able to help you navigate your options.  Let me know if you need some names.

Best of luck!