I have a residential loan on a 4 plex , I just built an additional 4 plex on the same lot that was zoned commercial. I need to refinance to pull cash out to pay for a construction loan and potentially some extra to continue investing. The original loan is around 70k and the construction loan is 60k. I would assume the new 8 plex would appraise over 250k. Questions: 1. what is the best way to start to look for lenders (never dealt with commercial loans) 2. Any specific loan product that is best for this scenario. Thanks
You have options for the loan you are seeking. Local banks are a great source and there are several private, nationwide lenders that will lend up to 80% LTV, including cash out scenarios. Ask around to local investors and find out who they are using. Let me know if you have additional questions.
I know a great commercial lender that can answer any questions that you have.
We can assist you on your deal,we can use our Fix & Flip Gab Funding program that provides 100% funding for your construction and then you pay off the investor with the Refinance of your Residential Loan or we can assist you with the Refinancing through our Hard Loan program to get the amount you need for your construction.Let's connect to discuss.