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