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Updated over 2 years ago,
Refinance commercial loan on apartment building in small market
Looking for banks willing to do cash out on a commercial loan in small market!
I purchased a small fixer upper apartment building in a small town of 35,000 about 45 min outside a decent sized metro.
My funding options were not so great as most banks do not like small deals and small towns. However I bought it right and a bank that knew me did the deal.
Now three years later I fixed it up, the property is 100% occupied and the property has more than tripled in value and I am getting interest from buyers.
However after taxes and depreciation recapture and paying back my original loan I may be better off with a cash out refinance.
My original loan was small and amortized over 20 years. Looking for a bank to do a large cash out refi and amortize over 30 years.
Looking for a bank to do a loan in the $700K range and finances will support this.
Thank you!