Commercial Equity Line of Credit

[Wendell Butler]

Hello!

I am looking for the opportunity to get a Commercial Equity Line of Credit to free up some cash and purchase more commercial properties. I really don't want to sell this property as it cashflows so nice and is stable. Eventually I will 1031 for the right price, but I have about $300k+ equity on my 8-unit multifamily property and would like to pull some out. I owe $597k on it about. 

The property is in Northeast CT.

Does this sound like something that is possible? Anyone have any recommendations?

Any insight would help!

[Tom S.]

@Wendell Butler A local bank in your area that ideally knows the property already would be your best bet. I asked around last year for my 5 unit commercial property but the terms weren't' great (and that was before all the interest rate hikes). Also, most would only loan to the 65% LTV range.

So with the numbers you posted, there's no lendable equity.  But call around.