Are ANY banks willing to refinance a commercial loan?
In spite of having a top notch credit score for two decades, a strong self-employed job for two years next month, a two-income family, and a renter of half our building with the other half being rented in a month or two….I’ve been unable to find any local bank (or even a local "national" bank) willing to refinance so my sis and I can get away from an 8.5 per cent interest mortgage.
HERE’S MY QUESTION: are there ANY banks out there who are less stupid than the ones I’ve gone to and who ARE refinancing and WANT my money??? Can you name them to me? How can I find them without going through ALL the paperwork and time, only to be turned down over and over for one ridiculous reason after another?
PLEASE NOTE: I’m not asking why banks don’t refinance right now. I’ve heard those excuses. I’m just asking if ANY are refinancing commercial loans. lol .
I have no idea what the first answer below is talking about. I didn’t ask if I qualify for a commercial loan. I already HAVE a commercial loan. And getting a "straw buyer" seems like a poor idea. I’m just wanting to know if ANY banks are refinancing commercial loans for low-risk folks like myself, and HOW do I find them??
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3 comments
Mr. Fix-It on February 23, 2010 at 2:12 pm
Commercial Loans are risky for banks-no matter how good your finances are..The bank looks at it that it would be very easy for you to walk away from…The only way that you are going to get a better rate in this climate–is if you or your sister moves in…Then its owner occupied–and you can get a conventional mortgage.
dusty_titus on February 23, 2010 at 2:12 pm
You have Accounts receivable? if so you qualify for a "commercial loan" otherwise fold up your tent and look for a re fi on your investment property. Other option is to find credit worthy straw buyer for your property and let him take over a new loan with lower payments at 6% interest rate.
Othniel on February 23, 2010 at 2:12 pm
I understand your plight. A couple of years ago my son was able to refinance through Sun Bank (I think they call themselves Sun Trust now) in Florida. Because the unit was owner occupied they were willing to work with him. I own the unit next door and rent it to a tenant. They could not refinance my unit.
You can try them and another suggestion is to call some of the commercial real estate agents or companies in your locality and see if they know of a lender that you can approach. You don’t state the value of your units but many banks will not even show interest if it is not a million dollar property.
Another suggestion is to call some of the other owners of similar properties in your area and ask them if they are aware of who may be lending.