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Updated 3 days ago on . Most recent reply

User Stats

57
Posts
18
Votes
Rob Shah
  • Real Estate Agent
  • Chicago, IL
18
Votes |
57
Posts

Rehab loan from commercial to residential help

Rob Shah
  • Real Estate Agent
  • Chicago, IL
Posted

I have a commercial property that I am converting to residential. The property also has a commercial loan tied to it but in order for me to get certificate of occupancy from Village I have to spend $40-$50k in renovations.

Is there any lending options for me to do a cash out refi by refinancing to residential loan even though it is classified as commercial currently? Or another way to take out money. For reference I have 75% equity in the property based on residential ARV comps.

  • Rob Shah
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