Lender Search for refinance

[Naima Johnson]

What is the best way to search for a lender to do a refinance for a 8 unit apt building in Waco, Texas? Property was purchased almost a year ago via owner financing and the contract is up early in 2024. Because it's considered a commercial property I am having trouble finding a lender because it hasn't been a full year of ownership.

[Melanie P.]

First call the seller (your lender) and see if you can work out a deal to extend out another year. Offer more interest (higher monthly payments), to pay a couple points on the anniversary date for another year or two - whatever. Cause otherwise you may wind up in hard money and that's gonna be REAL expensive