This was a refinance that got the borrowers, of which 4 out of the 5 were Canadians. a rate that was 2 percent better than their old note.

Regardless of whether or not I refinance I am on track to have these mortgages paid off by June 2014, shortly before the balloons come due.Now, I asked my local lender about refinancing these into an LOC since I am on track to pay them off in about 2 years anyway.

If your property is worth a lot more than the debt you have on it you are likely better served from a ROE standpoint to either refinance and deploy the cash elsewhere or exchange to a larger property.

Your best bet is to contact the asset manager and not BONY Mellon.

I'd bet he moved in a poor lease-option tenant and may be trying to pass his problems on to someone else.

What I'm more interested in is the hard money to 30 year refinance.

I'm using a credit union for mine...Bought a place January 4th subject to the hard money loan he had in place... am in the process of refinancing it with a local credit union... it appears *fingers crossed* they are going to allow me to do a cash out refinance based on appraisal value (75%) at 5.5% for 10/30.Easiest recommendation is simply to wear out your phone dialing...

In fact, you could go new, with an extended warranty on the washing machine to hedge your bet.

I would bet this building has 15,000 square feet of hard to utilize area -- warehouse space in primary retail area, second floor area, back lot, etc.

Id bet you money this isnt going to happen and is a waste of your time.