Updated about 1 year ago on .
WHAT’S CLOSING NOW-Cash Out Refinances
I realized this weekend that I haven’t done one of these in a while. This deal closed last week and shows what is available out there. We are closing loans EVERY week, so give us a call if we can help you with your commercial or business loans.
Type: Cash Out Refinance-Multi-family
Location: Huntsville Al
$1,336.000 Loan Amount
Borrower received over $770,000 in cash out and got a 10 year fixed rate of 5.8% with a 30 year amortization. And a Step down pre-pay to boot! An amazing rate and product. We originally quoted her a $1.2 million loan amount but a solid appraisal, and aggressive underwriting allowed us to increase the proceeds.
Listen, LOCAL BANKS ARE NOT DOING CASH OUT REFINANCES ON INVESTOR PROPERTY, especially cash out of this much with no strings on how to use the money. Just not happening in this environment. But we not only got her more cash out then she was originally quoted, we got an unbelievable rate UNDER 6%. These loans can be done up to 75% if the cash flow supports.
Do you have a commercial property you want to leverage? Give us a call and let us crunch the numbers and see if it will work. You might be surprised. Commercial Capital is NOT ONLY the place to go when the banks say no, we are the place to go to get rates super low! Give us a call today at 512-358-1511 or e-mail me your scenario.
Give us a call today to discuss your commercial finance needs or get started by filling out this form!
Karen Schimpf
Commercial Capital, Ltd.
O: 512-358-1511
w: www.linkedin.com/in/karenschimpf/
blog: http://bizloansconnections.com/
website: http://applycommercialloans.com
P.S. All year the SBA loans and private money loans have been strong, but investor loans have been tougher to come by until recently. as we have seen an uptick in these types of loans and with our full suite of commercial products we can handle most anything commercial. If you have a business loan need like starting up a company, buying out a partner, or you are looking to purchase or refinance a commercial building for your business or investment, one call does it all.