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Updated almost 6 years ago on . Most recent reply

Meryl McElwain's profile image
Meryl McElwain's profile image
Meryl McElwain
  • Contractor
  • from Chicago, IL
  • Member since Feb 11, 2017
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Meryl McElwain's profile image
Meryl McElwain's profile image
Meryl McElwain
  • Contractor
  • from Chicago, IL
  • Member since Feb 11, 2017
Connect
Meryl McElwain
  • Contractor
  • Chicago, IL
181
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102
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Creative Real Estate Financing

Quasi cash out refinance?

Meryl McElwain
  • Contractor
  • Chicago, IL
Posted

I have a client who has substantial equity in building one. Building one has a 15 yr note at 3%. Next door to building one they would like to construct building two. They dont have the down stroke for building two. In ordinary circumstances I'd refi building one, pull the cash out, throw it down on building two. However in this instance I dont want to do that because you cant get 3% anywhere now.

What do I do here?

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