Lenders for 2nd mortage on a fully paid off commercial property?

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Lenders for 2nd mortage on a fully paid off commercial property?

Manish A.
Bethesda, MD · Member since 2014 · 33 posts · 2 votes
Hello I have a couple of fully paid off commercial properties. I'm looking to get a 2nd mortgage on one of these. Any lender recommendations? I called a couple of banks (Pen Fed, Bank of America) - both said they don't do this type of loan. Thanks in advance! Miz
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  • Tim Herman
    Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @Manish A. If the property is paid off the mortgage you are looking for is a first mortgage not a second. You call the commercial banks back and say it is a first mortgage.

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  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    6y
    Originally posted by @Manish A.:

    Hello

    I have a couple of fully paid off commercial properties. I'm looking to get a 2nd mortgage on one of these.

    Any lender recommendations? I called a couple of banks (Pen Fed, Bank of America) - both said they don't do this type of loan.

    Thanks in advance!

    Miz

    Hey Miz

    You're really looking for a cash out refinance, not a 2nd.  Those loans are out there and some lenders just qualify based on your credit and the property itself, no tax returns required.

    Stephanie

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