$2.9 Million Cash-Out Refinance Commercial Loans

Location: FL

The loan was with a large regional bank and got denied because they wanted $1 million cash out and the bank would only give them a maximum of $500,000 that is half of what they needed. If that wasn’t bad enough, they also lowballed them on the appraisal making the LTV higher which bumped the rate to 4.5%. Knowing they could not get the cash required from this bank they approached two (2) other banks only to find there were similar cash out restrictions or they weren’t interested which they blamed on Covid. They just assumed the deal was dead when a mutual friend suggested that they call us. When they saw it would cost them nothing to find out if we could help them, they applied. They were stunned when they got our term sheet. Not only were they able to get the cash they needed for the buyout but the rate was 1% lower (3.4% on a 10 year fixed with a 30-year amortization). The other bank had a 5 year fixed with a 25-year amortization. Better rate, better terms and they now own the property without a problematic partner. The Clients are thrilled. Just because we are the place to go when the banks say no does NOT mean our rates are higher in this case we were 1% LOWER than the banks.

If you want Cash-Out Refinance Commercial Loans fast approvals and fast closings, there is just one number to call…512-358-1511 or complete this form to get started.

Give me a call today to discuss your deal at 512-358-1511