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Updated about 6 years ago,
Refinance from commercial to conventional
I had bought a four unit apartment in 2016, and I used an LLC to do it. Beings as I was trying to do that, I had to get a commercial mortgage for the property. It is a 20 year term loan at 5% with reassessments every five years, or that's how I understood it at that time. To me this means that it's probably a balloon payment every five years for the duration of the term.
Most of my current expenses are fixed or reduced as much as they can be, and my cash flow on this building is quite minimal. I've been trying to increase the rents but the local market has been driven down over the past year or so with new large complexes being built. The only expense that could possibly be adjusted is if I were able to change the type of financing that I have.
Is it feasible to try to refinance this mortgage to a conventional 30 year mortgage to reduce my P&I payment and increase my cash flow. I know that it wouldn't be possible as an LLC, but what if I were to refinance in my personal name? How would I go about that?