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5 Replies Last post: May 13, 2009 4:13 PM by BizSavings

Need to refinance a commerical loan

May 13, 2009 11:44 AM

Kevinh 3 posts since
May 13, 2009

We have a residential house which we brought in 06 for our pest control and real estate business. It has since been rezoned commerical and we need to refinance this property commerical since it was done initially as residential. Our business is located in GA and the payoff is approximately $113K not counting Closing cost. The current loan is an ARM which goes into effect in August 09. How can we get this loan refinance as a commerical loan? Please advise.

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KelaFunds 27 posts since
May 9, 2009

1. Re: Need to refinance a commerical loan May 13, 2009 12:57 PM

Hello Kevinh,

How are you?Im guessing you still need some sort of help.

Please give me a email at KelaFunds@gmail.com to move forward.

Thanks

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BizSavings 20 posts since
May 11, 2009

2. Re: Need to refinance a commerical loan May 13, 2009 1:34 PM

Hello Kevinh,

Do you currently reside within the property / is the home your primary residence? What is your approximate loan to value? Is your pest control / real estate business profitable? I'll follow up this post once more info is provided. Good Luck!!! Also, check out fund1stcapital.com for commercial property financing.

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Kevinh 3 posts since
May 13, 2009

3. Re: Need to refinance a commerical loan May 13, 2009 3:43 PM

in response to: BizSavings

No, we do not reside in the property. Look for a LTV between 80 to 85 percent. Yes, the business is very profitable and growing.

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Kevinh 3 posts since
May 13, 2009

4. Re: Need to refinance a commerical loan May 13, 2009 3:50 PM

in response to: KelaFunds

Will this request go into your general mailbox or do I need to respond to someone in particular? Thanks

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BizSavings 20 posts since
May 11, 2009

5. Re: Need to refinance a commerical loan May 13, 2009 6:57 PM

Kevinh,

Thanks for your follow up. For a non-owner occupied commercial loan that requires 85% Loan to Value it will require a pretty good credit score to come close to your current residential rate. It's a plus that your loan should debt service given that the business has strong revenue (assuming low expenses). Let me know if you need additional help. Best Regards!!!

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Need to refinance a commerical loan

May 13, 2009 11:44 AM

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