Cash Out Advice

[Bud Leiser]

I'm still reading the other threads about refinance/cashout/eloc. 

That said I own a small retail building, we'll say it's worth ~500k right now at 75% occupancy. In case that matters. 

Tomorrow I'm going to make a list of all local banks and credit unions and ask to speak to the person in charge of commercial real estate loans and see what they have available in refinance/eloc/cashout products. I figure that's the only way to see whats out there and what I can get. 

My general questions are

• %
• Term
• Balloon or no Balloon
• Turnaround time (how long till the cash is in my account)

Advice I'm looking for: 

• Any other questions I should add to the above?
• Anything I should say to them or ask about? 
• Any other products I should ask about?
• Any other companies/lenders I should be looking for and talking to?
• Any national lenders I should contact that won't show up locally? Link to list maybe?
• Any other advice/warnings?

[Bud Leiser]

Originally posted by @Marco G.:

They will likely want to know your intended use of the cash out proceeds as well, so keep that in mind. It's not binding, obviously, but in my experience they always want to know what you want to do with the money.

Good luck!

 I should probably tell them something besides Hookers and Booze. I'll go with Rental Property Acquisition instead, ya know to throw them off the trail.