Need Line of Equity on Commercial Property Owned Free and Clear

3 Replies

Hi,

I'm looking for some financing on a 6 unit multifamily we own free and clear here in Chicago. The building is worth about $650k and we need a line upto $350k. I've been told that a bank will only loan a HELOC up to a max of $250k so I should take the HELOC at $250k and refinance for the rest, but I'm looking for some sort of financing vehicle that will allow me to have a line we can withdraw only as needed. If anyone can help with this or point me in the right direction it would be greatly appreciated.

Thanks,

Sam

Originally posted by @Sam Amir :

Hi,

I'm looking for some financing on a 6 unit multifamily we own free and clear here in Chicago. The building is worth about $650k and we need a line upto $350k. I've been told that a bank will only loan a HELOC up to a max of $250k so I should take the HELOC at $250k and refinance for the rest, but I'm looking for some sort of financing vehicle that will allow me to have a line we can withdraw only as needed. If anyone can help with this or point me in the right direction it would be greatly appreciated.

Thanks,

Sam

 Sam,

Send me a PM. Im a Commercial Broker with 11 Capital Finance, were a nationwide brokerage. Leta talk! Some more info on the property will help determine your options.

Thanks Sam!

Marty

Hello Sam,

Let's talk about your property.   We may be able to get your Line of Credit but need more information.  PM me with details and I will call after I review your project details.

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