I never do this! A little nervous with the Just Stop thread going on - but had to share.

Freedom is more important to me than anything. It's why I do REI. My 3-word goal for 2017 (if you remember that thread) was 'satisfy commercial mortgages' and I aim to do it!

In case you don't know, commercial loans usually have 5 year calls.  Some will call automatically and make you get a whole new loan, and some will just make you submit docs to re-qualify.  

I would like to share a letter (a little embellished, but I'm proving a point) I just sent to one of my local commercial lenders today, a community bank.  Hasta la vista, baby! 

Dear Claudia,

Thank you for your recent letter, providing me the opportunity to re-qualify for our little loan of $114,000 that is secured by $700,000 of income-producing assets, the entire LLC, my wife and I's personal name and my management co that has rights to collect all rents in my portfolio.

I do hope you will find my past 3-years tax returns, personal financial statement and the entire completed 1003 mortgage application sufficient to extend my loan for 5 more years at whatever interest rate you choose. Will this require another $3500 appraisal as well? Oh please, please - bless me with your mercy and grace.  

Just kidding!  Please accept this letter as a formal request for the pay-off amount and full reconveyance of the deed of trust as of May 1, 2017.   Is 2pm in your office a good time? Would you prefer cash or fed funds wire?    Kind Regards,  Steve

ONE DOWN - 2 TO GO!

A private lender I have known and done business with since 2005 is giving us a 10-yr fixed rate mortgage at 5.5% (the current bank rate) to pay this off.  No appraisal, no points and none of the usual underwriting docs.  

Thank you for sharing an important milestone with me!