All Forum Posts by: Scott Morris

Can you go to the existing bank for a LOC or 2nd with the same bank to access some of the equity if something comes along? I would not do a full refinance unless you had to.

I would like to tap into it enough to build another boat/rv structure

0 Votes

Knoxville, Tennessee

Quote from @Shafi Noss:

You might consider a cross-collateral loan.

Thank you so much I will do some research on that.

0 Votes

Knoxville, Tennessee

Quote from @Erik Estrada:

Quote from @David M.:

@Scott Morris

Has the commercial loan rates risen? Just question out of ignorance. I don't know if the commercial rates follow that closely with the residential rates. Your property is obviously not residential...

They change on a daily basis. I am seeing some commercial lenders increase their rates (overall). What are you looking to do with your equity?

0 Votes

Knoxville, Tennessee

Quote from @Eliott Elias:

Cash out refi or use a HELOC

Thank you so much for your reply. We are locked in at 4.25% interest for the next 5 years. If we change the make up of the loan will that not change the interest rate as well?

0 Votes

Knoxville, Tennessee

Hello BP family. I'm an extreme newbie. My question is, I'm a partner in Boat/Rv and self storage. We have recently got our first stage completed, the appraisal is in and we have a large amount of equity in the property. With interest rates on the rise, what would be our best option for utilizing said equity? Thank you in advance. This facility is my first investment. My dad and I took care of the layout and sweat equity. Our other partner is mainly financial. Thanks in advance.

0 Votes

Knoxville, Tennessee

All Forum Posts by: Scott Morris

Scott Morris has started 1 posts and replied 5 times.

Post: Looking for advice for utilizing a large amount of equity.

Post: Looking for advice for utilizing a large amount of equity.

Post: Looking for advice for utilizing a large amount of equity.

Post: Looking for advice for utilizing a large amount of equity.

Post: Looking for advice for utilizing a large amount of equity.