All Forum Posts by: Caesar Corinthos

Thanks Chaz.  Fair question.  I'm finding it impossible to find a lender to do the loan.  The bank I have the mortgage with only does business mortgages  (no business loans or lines ). And the bigger banks ( who shall remain nameless) flat out refuse to do the small biz loan.  I have a business partner and he had some credit issues  (personal) a few years ago.  But it never ever impacted our business.  And to your point, yes there is plenty of equity so a loan shouldn't be a problem but it is.

I've read about mortgage adjustments or something named similar to that which allows a borrower to take more against the mortgage. .Was hoping that was true!

Hello,

I closed on a mortgage about 6 months ago.  My property was appraised at 700k and my mortgage is for 350k.  An opportunity has come up and I need an additional 40k.  I have heard it is possible to have the mortgage increased but really need some guidance on how this can be done.  I've mentioned it to my current lender (a Savings Bank) and they said I would have to refi the loan.  But I've read online that this is not the case and banks can and have done these types of increases without a refi.

Any tips or suggestions on how I should go at the bank if this is even an option?

Thank you.