Updated over 1 year ago on . Most recent reply
CRE Cash out refi on long held, LONG term tenant, looking for 25-30 year term
Hi, I'm new to BP forums, but been listening/reading for a few years. We have a family partnership that holds some commercial properties (light industrial) and I am looking to help resolve some family disagreements by finding a cash out refi option. The property has been owned outright for over 70 years, has had the same tenant over 50 years (a utility company), and we are looking at taking out around 40% LTV, and the mortgage payments would be covered 2-3x by the rental income, so very stable, safe lending situation.
Based on my research so far it seems the most easy to find CRE mortgages are short term (up to 10 years, though amortized 25-30), but I have also seen people repeatedly state that you CAN find longer term CRE loans. I will continue digging around for those lenders myself, but figured this would be a perfect forum to ask for advice. Thanks!