Commercial/Investment Mobile Home Cash Out Refinance

[Jason Crowe]

Can you cash out refinance on your investment commerical property and investment mobile homes from a lender?  Is there vendors out there that will do this sort of cash out refinance as a package?  As a package though and not individual real estate CASH OUT refinances.  How much of a percentage or highest percentage that others have seen in florida?

[Riaz Gillani]

If the commercial property you're referencing is true commercial (retail, office, industrial etc) definitely not. The asset classes are too different for a lender to cross collateralize and have a reliable takeout. A balance sheet lender theoretically could but then you're looking at a pretty short term loan with high interest rates. 

If the commercial property you're referencing is investment-residential (SFR, 2-4) it's not as certain that you cannot - but it is unlikely. Reason being it's not often you can get a cross-collateralized loan on two properties. 3+ min, 5+ the norm. Add to the mix the mobile home element - which lenders already have an aversion towards.

Still, though, the 'balance sheet' lender can do it. They make the rules when it comes to their fund and don't answer to secondary market requirements. But explore other options for raising your capital if you can.

Out of curiosity, why are you keen on a single loan? Do the properties not Debt Service individually?