Commercial building cash-out refinancing
I’m looking for information on cash-out refinancing on a commercial building I personally own outright in down town Oklahoma City for another project. Talking to my bank – the only thing they would be willing to do is a line of credit on my business, something I’m not interested in doing.
Information on the building: it’s a 3000 sq. ft. building that sits on ½ acre. The current tenant is just wrapping up a 3 year lease and has signed a new 5 year lease.
The NOI is 30,000 annually, 2500 monthly. Again, there is no debt on the building. I'm looking to cash-out 100,000 to 150,000 for another project, is that possible?
Any suggestions, ideas, and/or comments would be greatly appreciated.
Most Popular Reply
@Lucky Tiderman Try First United. I've found them to be pretty easy to work with on residential cash out. I'm sure they would have a similar appetite for commercial, particularly at the level of cash you are wanting to pull out.