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Updated over 5 years ago,
Refinancing from residential loan to commercial loan
I have a residential loan on a 4 plex , I just built an additional 4 plex on the same lot that was zoned commercial. I need to refinance to pull cash out to pay for a construction loan and potentially some extra to continue investing. The original loan is around 70k and the construction loan is 60k. I would assume the new 8 plex would appraise over 250k. Questions: 1. what is the best way to start to look for lenders (never dealt with commercial loans) 2. Any specific loan product that is best for this scenario. Thanks