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    3 Replies Latest reply on Jul 18, 2008 11:43 AM by jasoncole

    Commercial Real Estate Refinance/Equity Line NEEDED ASAP

    glaconte Newbie
      I have a commercial mortgage loan that needs to be renewed this month, time is of the essence. We owe $106,000 and the property is worth 200-250K easy, high traffic street.

      I need cash out or a line of credit to pay off some tax liens and to clear up the bank levys. We would also like to do some updates on the building and pay for advertising and/or expansion.

      Personal credit is around 600 maybe slightly lower. We have been in business for 19 years, we are a service and repair business that has territories with several major manufacturers.

      We are honest, hard-working people who need someone honest to help us out. Not asking for anything free, just an honest loan with an afforable interest rate.

      Our bank has always rolled our property taxes and insurance into the mortgage loan, the last two years they have not paid it and said we are now responsable for the taxes and insurance. Now we have to pay two years worth of property taxes before they will even renew the loan.

      I am at my wits end, seriously. Our credit has only recently declined with the slow economy, being self employed these days is challenging to say the least.

      Basically, we CAN NOT qualify for a new bank loan. I need other options! Does anyone know of a reputable/honest company that can help me? Suggestions?

       


      Thanks,

      Ginger