How can I use my fathers equity

[Michelet Polection]

I’m new to this community and any help would greatly appreciated.

So I have a question my father has a church/building that is worth over a million dollars and haven't used the equity on the building and the banks are offering him money so basically he has access to more money I need your expertise on how we can capitalize on this opportunity.

Ps. He also has a home health care agency that he runs out of this building and the business has generated a million dollars last year. How can we use this situation to our advantage.

[Garrett Crosby]

Hi @Michelet Polection - welcome to the community! :) 

One thing I would want clarification on which will make a big difference: you mentioned it’s a CHURCH/building. If it’s a church, you will need to get a little creative because often times places of worship have different laws that prohibit funds being allocated for assets outside of the organization. Talk to a really good CPA and a commercial lender to get an idea of what you can do or how you can get creative. 

I had a friend make a similar mistake assuming a church is just commercial real estate and they ended up getting in a lot of trouble with the IRS. 

State laws can also dictate different options available for you to… so I would 100% connect with local experts and unpack the details so that you set yourself up for success! Best of luck! :)