All Forum Posts by: Mark Daniels

Thank you, Henry this was very informative. We have applied for a loan to purchase the new property with us putting the down payment down cash. We will hear back hopefully this week. Thanks again!

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Quote from @Tarik Turner:

Sounds like a cash out refinance would be the best way to tap into that equity.

Thank you for the advice , will try local bank and see what options are available, Thanks again.

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Quote from @Erik Estrada:

Yes but you will need to look for a local commercial bank to facilitate a HELOC or try a commercial lender for a traditional cash out loan. You may run into issues since it's a smaller loan.

Be prepared for a high rate/high fees

Thank you for the advice , I will check with my local bank. Thanks again.

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Quote from @Jaycee Greene:

Quote from @Mark Daniels:

I know in residential lending you can get a HELOC to borrow a down payment to buy another property. Does this exist in the commercial realm? Current value of paid off property is roughly 350k , looking to borrow 75k-100k down payment to purchase a 275k commercial property. Any advice? Thank you!

Hey @Mark Daniels, welcome to the BP Forum! Unfortunately, such a funding option is not generally available for commercial properties, unless your LLC or Corp that is the borrower has other "unencumbered" assets that can be leveraged to generate the funds you need.

Thank you for the warm welcome! That was my fear no easy type loan like a Heloc. Will check with my local bank to see if they have options. Thanks again.

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All Forum Posts by: Mark Daniels

Mark Daniels has started 1 posts and replied 5 times.

Post: Advice on borrowing against a paid off Commercial property to buy an additional one.

Post: Advice on borrowing against a paid off Commercial property to buy an additional one.

Post: Advice on borrowing against a paid off Commercial property to buy an additional one.

Post: Advice on borrowing against a paid off Commercial property to buy an additional one.

Post: Advice on borrowing against a paid off Commercial property to buy an additional one.