Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

24
Posts
9
Votes
Chris A.
  • Accountant
  • los angeles
9
Votes |
24
Posts

Commercial Loan with Cash-Out on Mixed-used Property

Chris A.
  • Accountant
  • los angeles
Posted

looking to do a cash-out refinance on a mixed-use property. Property is worth around $1.25 million and debt is around $250k. Is it reasonable to pull out $500k in today's market taking into consideration Covid-19? Also, What would a good rate be on something like this? 

Initially, I wanted to get a LOC as a 2nd but couldn't find a bank that would do this for me. Is there? The funds will be used to purchase another commercial property (that I don't know yet) The LOC was a primary method so I don't have to pay interest until I need the funds.

Any help or recommendations would be much appreciated

Most Popular Reply

User Stats

16
Posts
16
Votes
Christopher Olsen
  • Rental Property Investor
  • Camarillo, CA
16
Votes |
16
Posts
Christopher Olsen
  • Rental Property Investor
  • Camarillo, CA
Replied

@Chris A.

I was a bit nervous about starting a cash out refinance on my commercial building. I was surprised that multiple banks and credit unions in Utah were willing to do a cash out. The one that came in with the least amount Back was Wells Fargo. I am trying to stick around 65-70% LTV. They were wanting to keep it at 60. Rates were between 4.15-4.5 for refinance.

Loading replies...