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Updated 4 months ago on . Most recent reply
Looking for commercial lender
I have a mixed use five unit unit building that I need to refinance. I am running to issues finding a lender because the building is worth less than 400,000. Are there any lenders out there that can help me, I would preferably do a cash out refi?
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You'll be better off going to a local credit union or bank. 70-80% on a Mixed-Use with STR and Commercial use is not likely in this market. Mixed-Use is very risky to most lenders right now. You'd be hard pressed to find 75-80% for purchase financing on a property like this. I've worked with a few local CU/Banks who will go down to $100k on such properties with far better terms that you will normally find in the private money resources.
Cheers!
- Nick Belsky
- [email protected]
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