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Updated about 2 years ago on . Most recent reply
I bought, rehabbed, & now stuck in a commercial loan…
I need some advise please. Quick history - i bought a sf in 08, sold in 22 - used proceeds to buy a duplex at 70% ARV with a commercial lender under my newly acquired LLC. My rate is 5% fixed for 5 years. I have a nice chunk of equity now and not sure what my next steps should be. I want to buy another multi but my loan has 4% penalty of current loan amount if i refi before 5 years loan is up. Do i request the same lender to do a refi cash out? Heloc? Pay the 4% and find a 30 year conventional? Clearly I'M a newer investor and really could use some knowledge. 🙏
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- Lake Oswego OR Summerlin, NV
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#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
Quote from @Linda Burger:
I need some advise please. Quick history - i bought a sf in 08, sold in 22 - used proceeds to buy a duplex at 70% ARV with a commercial lender under my newly acquired LLC. My rate is 5% fixed for 5 years. I have a nice chunk of equity now and not sure what my next steps should be. I want to buy another multi but my loan has 4% penalty of current loan amount if i refi before 5 years loan is up. Do i request the same lender to do a refi cash out? Heloc? Pay the 4% and find a 30 year conventional? Clearly I'M a newer investor and really could use some knowledge. 🙏
sounds like heloc if you can get one is the most cost effective route. U wont get 5% today on a new loan.
- Jay Hinrichs
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