All Forum Posts by: Lee Divers

Hi Sharon...Ross is correct Speed Queen is the best. You can send me a pm and I can send you some contacts.

@Tim Milazzo according to city the property is assessed about 20k over purchase price and the NOI is about $1000. I know commercial loans come with more complexities as well such as higher rates and balloon payments.

Thanks Anthony for the advice...First loan is with Eastern Bank...thought I would need to go to another bank for the loan. I plan on using this strategy for future multi unit purchases.

@AnthonyGjolaj I would like to use the cash out on the commercial property to repay the loan on my primary residence. I was under the impression that lenders weren't too keen on doing cash outs for commercial properties.

@Anthony Gjolaj I would like to use the cash out on the commercial property to repay the loan on my primary residence. I was under the impression that lenders weren't too keen on doing cash outs for commercial properties.

Hello newbie here. I have a multi use property( 2 storefronts 1st floor 2 two-bedroom apartments 2nd floor) that I bought cash with a cash out refinance on my primary residence. I plan to hold this property. It was newly built in 2007 and needs no work. I want to do a cashout refinance on the multi use property. I know this would need to be a commercial real estate loan but wasn't sure how easy that would be. Has anyone had success with this strategy?