2nd position loan to take out equity on office building

[Chris W.]

BP gurus,

I am searching for financing options currently for a lender that will do a second position loan on a well leased office building in the Hampton Roads area. I would VERY much prefer to not refinance out of my 1st position commercial loan as the rate is well below residential loan rates.

I've spoken to numerous lenders in the area and out of the area and they are very averse to 2nd position on office buildings. The building is leased well at about 75%, lots of equity, excellent location in a downtown area, major larger building being rehabbed directly across the street, recent appraisal has my equity position at just over $500k in equity.

Any recommendations, advice, or know a lender that is currently servicing these loans? I know it's tricky currently...I get that. Definitely must tip my hat to some of the brokers in the area I've spoken to. They've reached far and wide with some action, but nothing solid.

I don't mind a bridge loan, even with the interest rates the way they are.

Thank you in advance for for any information! 

[Chris W.]

Quote from @Erik Estrada:

What's the current LTV on your 1st? You can do seconds with a hard money loan as long as the CLTV is not over 65%. What is the exit strategy?

LTV is at about 26%. It’s purely a commercial office building. All the lenders I’m speaking with are avoiding office buildings…even hard money. 

I'm retaining this property long term. The 7 story building directly across from me is undergoing a MAJOR renovation now. That will be another equity bump. I’m in a downtown area.