Refi options for S Corp properties....

[Eric Wallace]

I am 25% owner in an S Corp with my brothers. We have 3 properties, (one is a duplex) the others are single family. Two are financed through a local bank via 7 year balloon commercial mortgage each at about 5-6% APR, with payments amortized to 30 years. These loans are coming due soon and we are wondering what folks here would suggest our best options to be for refi. One of the loans is on the duplex that is worth about 200-225k and we owe about 170k and the other loan is on one of the single family homes that is worth about 80k and we owe about 60k. One final caveat is that we own the third home free and clear but it would only appraise for about $25 to 30k.

Is there any way to work things so that we could secure 30 year mortgages on these properties and keep them under our S Corp umbrella? Should we consider other options?