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Updated about 8 years ago on . Most recent reply
best financial route for gut renovation of commercial real estate
Good Day,
I inherented commercial real estate in Brooklyn NY that is in desperate need of renovation in order to generate a monthly income of $30k... I'm currently low on personal funds but the property has nearly $3 million in equity. I was told that in order to utilize any of the building's equity, i would need to give a 8-10% down payment on the desired loan amount... was thinking about maybe refinancing my primary home to make the necessary down payment... is there a better alternative to obtaining funds for this project?
Most Popular Reply
The property is in complete need of renovation. A structural engineer from the buildings department claims its strong enough to build on...
Im not sure how disclosing the location (further than Brooklyn NY) helps with this question.