Updated 2 months ago on . Most recent reply
Commercial property loan
Hii! My name is Danny out of California, I was wondering if anyone can give me advice on a loan hope to get . I own a triplex and two house but they are on one lot and are considered "commercial" in California. Anything over 4 properties on one lot is commercial. Im hoping to pull some cash out to reinvest. I can't get a HELOC Loan but I was hoping someone can give me advice or can direct me to the right place to find the loan I need . I'm hoping I can find one that doesn't require 30% down .if anyone can help I would really appreciate it . Thank you
Danny m.
Most Popular Reply
That's commercial territory since you've got 5+ units on one lot, so residential lenders and HELOCs are off the table. What you want is a commercial cash-out refi through a local bank or credit union, ask for their commercial lending desk specifically. Most will lend up to 70-75% of the appraised value on a stabilized property so if there's solid equity in there you should be able to pull cash without bringing anything to the table. The 30% you're running into is probably a purchase requirement, cash-out on something you already own is a different conversation.