I currently own a commercial retail property with a small store on it that is rented out. My question is that do banks give equity line of credit on commercial retail property? The property is paid off and my credit is very good.
@Sabi Singh Absolutly!!! Typically will lend up to 80%, rate around 5%, 20 year term, resets after initial 5.
This has been my experience.
The key is to find a local commercial lender who understands your business and sees the value. While obviously the value of the building matters, the loan is often written of the value of the business. Gross revenue- expenses= net (profit).