Refinancing from residential loan to commercial loan

[Oscar Juarez]

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

[Paul Higbie]

Oscar,

You have options for the loan you are seeking. Local banks are a great source and there are several private, nationwide lenders that will lend up to 80% LTV, including cash out scenarios. Ask around to local investors and find out who they are using. Let me know if you have additional questions.

Paul.