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Updated almost 3 years ago on . Most recent reply

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6
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Alexandru Novac
  • New York City, NY
0
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6
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renovation loan or second mortgage for a commercial property

Alexandru Novac
  • New York City, NY
Posted

Hi we bought a 8 fam property 8-9 month ago in florida and because of time constraints we closed with a regular mortgage not supplemented by any renovation loan. The property is fully occupied but we intend to renovate and refinance. Our current mortgage is 25% down. Was wondering if anybody can recommend any options to take a renovation loan. We tried HELOC but it doesn't seem to work for a commercial property. Our current lender doesn't offer any type of product and it's been tough to find someone come in 2nd position. Any ideas/ recos would be greatly appreciated.

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