Commercial RE Equity

[Griffin Dalrymple]

Thx in advance for your thoughts / ideas. I have a SMLLC that owns 2 commercial office units. Both units have leverage from different banks.

The details - Unit A value of $1.65M / mtg of $400K @ 3.25% (balloon in 6 yrs). Unit B value of $550K / mtg of $400K @ 6.75% (balloon in 8 yrs).

The properties cashflow a good bit. However, it drives me crazy I can't deploy the $1M+ equity into a different deal. I haven't found a bank willing to sit in a 2nd position (even at a low LTV). To sit in the 1st position requires repapering the higher equity deal with the low IR.

Any thoughts on how I can access this equity without selling or refinancing the more valuable property?