Real Estate Investor · Fort Myers, FL · Member since 2014 · 50 posts · 4 votes
Hi BP!
Just looking for a little advice on refinancing. I own a rental townhouse/condo in my area and currently have an ARM with my local credit union and am looking to refinance the property to a 30 year fixed. My question is do I need a commercial loan if I am looking to refinance and pull equity out? If so, any recommendations? And if not, any recommendations on a bank to use for this refinance? Thanks so much.
Investor · Member since 2020 · 324 posts · 278 votes
6y
You shouldn't need a commercial loan if you only have a few properties. I use commercial/portfolio loans since I have 24 properties and it's a huge pain to personally qualify. They're all in various llc's as well. The right broker should be able to help you. I do have a broker I can put you in touch with if you'd like. Shoot me a DM.
It really all depends on your goals. If you're looking for the lowest rate, personal is probably the cheapest. If you're looking to keep it off your personal credit score, Commercial is a good option.