DFW REI Club

 Dallas/Fort Worth Real Estate Investor Club

Ideas for refinancing commercial rental property in Grand Prairie

  • 05 Jul 2019 1:03 PM
    Message # 7765803

    Hello, I'm new to the forum, but I what a great place to start for feedback/ideas.  After speaking to a couple of banks, it seems our "deal" is too small.  

    2100 sq ft. commercial property in Grand Prairie.

    Last bank appraisal (2016) - $374,000 

    Note balance: $25,000

    Tenant: 5 year lease @ $3500.00/mo.  No TTT (2 years in)

    Current mortgage holder not interested in refi. as it is not owner occupied.  We're looking to pull out roughly $100,000 in equity for current projects and cash flow.  Refi @ 7-10 years. 

    Any ideas or feedback would be appreciated.

    Thanks, 

    Albert

  • 06 Jul 2019 10:57 AM
    Reply # 7766564 on 7765803
    Albert Sanchez wrote:

    After speaking to a couple of banks

    2100 sq ft. commercial property in Grand Prairie.

    Last bank appraisal $374,000 

    Note balance: $25,000

    Tenant: 5 year lease @ $3500.00/mo.  No TTT (2 years in)

    Current mortgage holder not interested in refi. as it is not owner occupied.  We're looking to pull out roughly $100,000 in equity


    This seems like a good deal for a lender. You have a property worth $374k and you want the lender to give you $125k. The property is income generating.  Banks make strange decisions.

    Have you approached any private lenders?  I have to believe someone would jump on this.
    I don't lend on commercial properties or I would.

    I hope this helps,
      Neil Aggarwal
      Property Financing, LLC


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