Posted by Bill H on December 30, 2004 at 17:05:11:
It will depend on the value of the property, the loan to value ratio, the creditworthiness of the tenant, your creditworthiness, the terms of the lease, all the things that go into doing commercial property.
Good Luck,
Bill H
pre-payment penalty - Posted by Natalie
Posted by Natalie on December 29, 2004 at 19:58:04:
I’m refinancing my commercial real estate next month and have a few lenders to choose from. I intend to keep the r.e. for at least the next 5 years ~plenty of time for the prepayment penalty BUT my area in Panama City, Florida has grown 28% this year and 18% in 2003. It’s taking off exponentially! If I refinance now and in a couple years the property is worth twice as much, how can I obtain that EQUITY without payoff? Ideas please!
Re: pre-payment penalty - Posted by Bill H
Posted by Bill H on December 29, 2004 at 22:21:33:
Why not simply put a 2nd on the property?
Bill H
Re: pre-payment penalty - Posted by Natalie
Posted by Natalie on December 30, 2004 at 02:22:08:
This is my 1st commercial property - a restaurant. I’m aware of Home Equity Loans but is it also easy to obtain a 2nd on a commercial property???