Is anyone aware of any commercial mortgage brokers that will shop me to multiple banks?
Essentially I have a commercial retail space about 30,000 sq feet that I put money into and I want to do a cash out refinance.
I am interested to see if there are any commercial mortgage brokers out there that I can just give my information to and they provide the lender that will do the deal for me.
Ray be very careful. Lot's of fraudsters out there in commercial lending that will clean your clock.
What kind of loan and terms will make sense depends on your situation. Example the mix of tenants with national versus mom and pop, area quality, demographics, etc. will make a huge difference.
It's not just banks making these loans. Is a lower fixed rate but a 5 year loan more important to you versus 10 year fixed at a slightly higher rate?? What about if the loan is recourse or not?? What amort. schedule??
There are endless questions to answer. Not all loans are created equal.
Ray, I'm happy to look at your deal. Is the space free-standing? Is there a tenant in place? How much debt do you owe, and what are your current terms? Feel free to email me, and we'll see how viable the c/o refi would be.
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