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??

We owe too much on a truck..way more than it’s worth..it’s financed as a second mortgage.(Commercial Loan) ?? What would happen if the truck was totaled? Would the insurance company pay for what we owe on the truck? Just curious.

I purchased the property at a 13.5% cap rate, 63% LTV with an investor loan last week. It’s non owner occupied, I’m self employed my fiance has a regular job. The property will cash flow 0 with a 30 year loan at 7%, 0 for a 20 year loan. I’d like to finance it without having to use any of our incomes from our jobs to pay back the loan, just the income from the property. Any suggestions on who to start talking to, and what action to take. Should I get a commercial loan? Or a residential loan with a commercial appraisal? I’m looking for 75% LTV after the refi.

I’m looking to purchase a 6 – 10 unit apartment building. My end goal is to move-in one of the units, and rent out the remaining units. I know that I will need to acquire a commercial loan for the purchase of a building this size, but I am not sure of the typical down payment requirements and other items used in qualifying a purchaser and the apartment building. Can anyone provide me with the ‘ins/out’ of this type of transaction? Thank you.

I am looking at buying a 90 unit storage unit facility. It is fenced and does not have power/water to the property. I’ve seen the 2006 & 2007 taxes for the property. They claim the gross income appr. k (both years) They are asking 9k for it. I spoke with my lender. I have to come in w/ 30% for a commercial loan. I’m considering offering 5k, so I would bring ,500k via 1031 exchange. My loan amount would be 7,500. With a loan of 7.3% so payment of 50. So they average k a month. But taxes/insurance/other expense eat up about 0. Do you think it’s worth the hassle for 0 a month? The units are about 15 miles from my house. I currently work a full time job and not sure if I want to take this on. My job is flexible so I could leave during the day to meet people if needed. Any other investors opinion?
I have researched starting from scratch. 1 acre of land (the units sit on 1 acre) is appr. 0-160k, the units to be built are appr. k each (3 buildings) For a total of 5k. The units have the potential at full rental to make k.

Contract law question please read need help!!!!!!!!!!!!!!!!!!!?
I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing it
I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing the contract. The contract was for the company to find me financaning but they could not find me financing. Thus they said in the contract it clearly states that there is no guarantee for the 2900.00 packaging and due dilligence fee to be refunded at all, do i have any case? I read the contract it sais that the fee is not refundable if they pur forth their effort to pursue financing, and something changed due to the market and a whole list of other stuff. They searched for a loan for me for 3 months and i guess i cud not get the rate they quoted me and did not get a loan at all, this contract was written in california, the broker is in california, and i am in florida? Thanks.

I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing it
I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing the contract. The contract was for the company to find me financaning but they could not find me financing. Thus they said in the contract it clearly states that there is no guarantee for the 2900.00 packaging and due dilligence fee to be refunded at all, do i have any case?

I own a 40’ X 60’ X 15’ concrete building for personal use, to storage my RV. I would like to know what personal loan programs, including terms and rates, are available if I use this property as collateral? Would the terms and rates be similar if (I were to use my personal residence as collateral? (Equity loan).
I want this loan to be an equity loan, not a commercial loan.
PLEASE I NEED ANSWERS FROM LOAN OFFICERS ONLY.
THANK YOU VERY MUCH
I already talk to some officers, but I want more opinions from other banks

We are interested in a 3 unit property on the same plot of land. A friend of mine just bought a 9 unit where 7 units were in one building and 2 were in another. He was able to get one commercial loan for the 7 units and a residential loan for the other. So if there is a property we are looking at that has 3 separate buildings, could we get three separate loans? There is one house and two cottages.

I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing the contract. Now they will not give me any money back since they say the loan didnt go through and the 2900.00 was for them to "process and package the paperwork the loan which fell through. What should i do?

I am trying to avoid go the route of a commercial loan.

After closing on a commercial loan 3 weeks ago, I am now informed that I owe an additional for points that the lender left off of the settlement cost by mistake.

the only thing that I recieved to remotely suggest that points were involved was a pre committment letter that was already expired when we recieved it { we were asked to initial the letter and fax it back }….. we assumed that we had to initial since our commitment date had expired and a request for an extention was also signed.

we never recieved anything else pertaining to points or fees after that. no final approval , good faith estimate, closing cost estimates, e.t.c. althougt we asked for them to gage an appromimate figure of closing costs.

I was told verbally by the broker that closing cost would run between 00 and 000.

it was 000 and I assumed that was it , until we were notified that additional costs were left off the settlement statements and we will be responsible for them.

{ whats fair ?}

I am buying a property that is 2.1 acres. It has two 4 apartment complexes, but because they are on one big deed I have to get a single commercial loan instead of an FHA. The commercial lender suggested seeing if it was possible to split the deed into 2 so I could save on my interest rate (7% vs 10.625). Does anyone have experience with this? How would I go about splitting the one deed into two, with one for each of the buildings?

My family and I are going to buy a 2 unit rental property next door to us that has been foreclosed on. I was wondering if we should try to get a commercial loan in one of our names or if we should form a corporation first and do it that way? We would like to eventually make a business out of this.
Thanks in advance

The loan is for some multi-family/mixed use apartments. Need a loan for ,000 for the down payment or some place where i can get a commercial loan with no money down. I was thinking a bridge loan but not real sure. I have a retail credit score of 645 and two other properties.

This is for commercial and residentail real estate. Renters can buy real estate. People with bad credit can buy real estate with little or no money down with me. People in chapter 13 bankruptcy can refinance out of it. People one day out of Chapter 7 bankruptcy can refinance or purchase real estate. I offer 100% financing on construction loans! I have loan programs for bad credit where the credit scores are ignored.

Commercial mortgages to 90% and working capital and closings added to that for a 93% commercial loan. These loans are based on the value of the collateral, credit, cash flow and resume of the borrower.

I look forward to your emails and working with you on your real estate financing requests.

Thank you.

I’d like to purchase an apartment building. Is this considered a commercial loan and where do you go to find them and what kind of qualifications are necessary? Is it the same as getting a mortgage where you need 20%? Or is it a little different? I don’t have many liquid assets but have found a good building?

I want to get it refinanced. I asked about the payoff amount and was told it was 4k.. That seems high, but I’m not an expert. Is this in line with what it should be?
To clarify, I’m asking if the payoff amount I was told on my personally secured commercial loan is high.

We found a property we like, however the commercial rates are very different than residential. The property consists of one two unit and one three unit on the same lot. I was wondering if we could take out a different loan on each dwelling to avoid getting a commercial loan. Both dwellings have the same address.

is there any possible way to finance a 40 unit apartment complex that cost 1.7 million without having the the entire 20% down that is recommended for commercial loan….i have a 780 credit score about 120k and make 100k a year.the apartments have been 95% occupied for last 3 years…..without having to pay over 10% interest

I know any property with 4 units or more is considered a commercial property. That being said, can I apply for a regular mortgage for a property that has 3 units or less, or do I still have to apply for a commercial loan?

I have been approved for a large commercial loan and have ordered appraisals and title work which is very expensive. If they fail to follow through with the loan can I hold them liable for the costs incurred? I have supplied all paperwork requested and have no other issues preventing me from qualifying for the loan.

I am looking at purchasing a LARGE, older Victorian home that has been converted into 7 separate units. I will be seeking a loan but since this home was once a single family, converted into multifamily greater than 5 units, will I be looking for a commercial loan as opposed to a residential loan? Any suggestions on commercial brokers if it is commercial? The property is in Tennessee.