Comments on: I would like to refinance a commercial property and payoff a second mortgage? http://aspenfinancialgroup.com/i-would-like-to-refinance-a-commercial-property-and-payoff-a-second-mortgage.htm Fri, 21 Oct 2011 00:09:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Akbar B http://aspenfinancialgroup.com/i-would-like-to-refinance-a-commercial-property-and-payoff-a-second-mortgage.htm/comment-page-1#comment-1525 Akbar B Tue, 08 Sep 2009 03:54:37 +0000 http://aspenfinancialgroup.com/i-would-like-to-refinance-a-commercial-property-and-payoff-a-second-mortgage.htm#comment-1525 Yes you should refinance if you have the income to support it. It sounds like a good plan, good luck. Yes you should refinance if you have the income to support it. It sounds like a good plan, good luck.

]]> By: rich8259 http://aspenfinancialgroup.com/i-would-like-to-refinance-a-commercial-property-and-payoff-a-second-mortgage.htm/comment-page-1#comment-1526 rich8259 Tue, 08 Sep 2009 03:54:37 +0000 http://aspenfinancialgroup.com/i-would-like-to-refinance-a-commercial-property-and-payoff-a-second-mortgage.htm#comment-1526 It will, in all likelihood, be a moot point since "cash-out" re-fi's are very rare in today's tight credit market unless you have substantial equity in your commercial property. You did not provide enough information to determine if in fact this is even plausable. What is the balance on your personal 2nd? How much is your commercial 1st that is coming due? What is the commercial property worth? Do you have 50% or more equity? How much cash do you need to pay off your 2nd? Is your 2nd higher than your 1st? Refinancing is a non-taxable event so it may very well make sense for you to do this depending on the answeres to all these questions but remember, once you pay off that 2nd, you no longer have it as a tax deduction (it may not matter if President Obama pushes through his proposed tax legislation eliminating this tax deduction). You may want to discuss this with either your CPA or if you have one, a financial planner. Good luck. It will, in all likelihood, be a moot point since "cash-out" re-fi’s are very rare in today’s tight credit market unless you have substantial equity in your commercial property. You did not provide enough information to determine if in fact this is even plausable. What is the balance on your personal 2nd? How much is your commercial 1st that is coming due? What is the commercial property worth? Do you have 50% or more equity? How much cash do you need to pay off your 2nd? Is your 2nd higher than your 1st?

Refinancing is a non-taxable event so it may very well make sense for you to do this depending on the answeres to all these questions but remember, once you pay off that 2nd, you no longer have it as a tax deduction (it may not matter if President Obama pushes through his proposed tax legislation eliminating this tax deduction).

You may want to discuss this with either your CPA or if you have one, a financial planner. Good luck.

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