In need of a commercial refinance...

[James Range]

I am looking to refinance an SBA 7(a) loan. I got the loan when I was the owner of a gym and we used the loan to buy land and build a new gym.

Now, I am looking to do an asset sell of the gym equipment but hold the building for the new owners. The only problem is that I have to refinance because the 7(a) loan requires owner occupancy, and my business will no longer be occupying. I'll just be renting the building to the new gym owners.

I had an appraisal performed a couple months ago, and the building appraised for $260,000. I need to refinance $180,000 so the LTV is 69%.

I also have a 2 year triple net lease in place and ready to sign once I get the refinance. We will be getting $2,050 in rent each month.

Any ideas on what I can do?