Creative Financing Question

[Nick Yale]

Hello fellow BP members, I have an intestine question. So a relative and I acquired an office building several years ago in the Tampa area and it is worth around 400k. We do not want to sell the building as we work out of it but we want to use this paid off asset to fund our next multi family deal. Would the best thing to do be take out a commercial line of credit Or re-finance? The buildings we are looking at acquiring cost around 600-800k and we want to put at least 20% down. Does anyone have any experience or knowledge on this? Thank you as any response would be appreciated!

[Stephanie P.]

Hey Nick,

Money is really cheap right now and 30 year fixed loans are available for that type of property.  I would refinance it and lock in a relatively low interest rate and then put that money to work.

Best of luck

Stephanie

@Nick Yale