All Forum Posts by: Mark Drouin

Like I mentioned my current mortgage is 4.375% any new mortgage would be in the 6.5 to 6.75 range. The closing costs would be in the $10,000 to $15,000 range to refinance the entire amount. 

I have spoken with my bank and they are interested but I wanted to know other options.

I own a commercial facility office and industrial 80,000 sq ft. The office is occupied by a long term very secure tenant and the 63,000 sq ft area had a tenant leave. I have a new tenant and we are working on a lease, the rehab from the old tenant and the new TI will be $500,000. The building is in the $6,000,000 +/- value range and I have a primary mortgage of $650,000 +/-. The current mortgage rate is 4.375% and I want to avoid refinancing if possible. 

My question is options for a $500,000 loan paid back over 7 years.