All Forum Posts by: Daniel Helland

And if you get (certain) business cards, it won't even show up on your personal credit!

Depending on your credit score, $65K is very doable over a few cards.

You could try the local forums, too.

It's possible to get a cash out refi for 65% LTV on stated income for a commercial property. Would that be enough cash?

What about getting an unsecured business loan or LOC to pay off the personal credit cards you funded the business with? That would bring your utilization way down (since the business debt would be off your personal credit report), which should give your score a nice bump.

@Shane Short We recently used Aaron Coker at RPM for our FHA loan. Great experience.

Talk to a broker. A good commercial broker will have access to private loans, hard money, etc., in addition to bank financing. You will need at least 20% down, though.

If you're planning on keeping it, refinance. You're going to have to refinance anyway when the balloon comes due, right?

You may want to consider a portfolio refi to squeeze the max $$$ out (since you'll be able to borrow against the combined LTV).

You could definitely do 65% LTV cash out without issue. Possibly up to 75, depending on the lender.