Commercial building refinancing in Arizona

[Gannon Nikolich]

Hello everyone!

I own a restaurant building in downtown Mesa that I'm looking to do a cash out refinance. I have new tenants under a gross NNN lease that is 3 year with 2 (3 year renewals) for 9 years total. I've never need to do a commercial loan like this before so I'm coming to the BP community looking for advice and recommendations. Any help is greatly appreciated

[Andrew Beauchemin]

@Gannon Nikolich You should start putting together a package of information to give to lenders; including your new leases, personal financials, property information (taxes, insurance, recent repairs), etc.

Without knowing anything about the property, I'd wager that this is a deal for a local/regional bank. Start making some calls to lenders and/or brokers, and get multiple quotes. You should ask about terms such as interest rate, LTV, amortization, term, prepayment penalty, interest reserve, origination/underwriting fees, points, etc.