Refinancing Commercial Properties

[Will F.]

We're about to refinance 1 commercial properties (2 med offices/ 1 church & med office on a lot). We basically want to take advantage of the low rates, but also one will balloon/ expire in a few years.

I was wondering is it similar to residential loans? Should I just try to refinance with the current banks? (is that the best way or is it better to shop the market and contact a few other banks?)

Also I was wondering how many banks you suggest I contact? I was wondering about how this will affect our FICO scores etc

Would it make more sense to create a huge loan of a little over $1 million or to open 2 separate loans since they are 2 separate properties?

Also, do most of you think I should contact institutional lenders directly or go through a mortgage broker who will "shop the market" but likely charge a fee?

Thanks

[Bill Gulley]

Refinancing a church? Is it an ongoing church with members or a church building that is vacant? Are you changing the use of the church building?

Churches are specialized financing, while some banks will lend there are specialty brokerages from religious organizations that are usually a better deal, search "Church financing broker" that might get it.

The others are commercial financing unlike residential, I suggest you go to your bank first, where you have a banking relationship and you can talk to others as well. Pulling your credit won't hurt you score if done within a short time frame, the system doesn't gig you for shopping for financing. Good luck