Need cash out from a small commercial property free of any lien

I have a property is all paid for and is about $250,000 in value. I reviewed commercialfinancialconsultant.com with initial contact without any feetback or answer. How can any one get any cash out financing these days? I am not asking a lot just enough to investment in another one.
In General Area - Asked by Karisa W. - Dec 11, 2008
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Answer(s)

Nick G.
Owner/Investor
Beavercreek, OH

There are several means of cash out financing that would be appropriate for your situation given that you have full equity in your building and depending on how much you would like to take out. Other factors such as location, rental income, personal credit worthiness need to be taken into account when doing a cash out refi. I was involved with a loan for a small commercial center where the owners had 100% equity, and they were able to get a cash out of 70% of their buildings value - however their strip center was 100% rented out with a large national tenant.

Dec 11, 2008
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Russ B.
Property/Asset Manager
Puyallup, WA

Private party Hard money lenders. Banks won't unless you have a good relationship with someone. 12-24% only good for short term projects. They lend on the property not your personal income. Usually 50% - 60% LTV, 1-2 yrs max
Russ@AlliedEnterprises.info

Dec 12, 2008
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Joe V.
Owner/Investor
Plymouth, MI

This can be done in a number of ways, but my suggestion would be to use an LOC. This way, you can eliminate any debt to the property and as you pay back the LOC you could reuse the money again...and again. This is almost like refinancing many times without out having to get approvals for them. Interst rates are close to 6-7% right now. Try www.commercialfinanceconsultants.com. They seem to have the best program out there. Their LOC's are already attached and they offer a guarantee as well.

Dec 18, 2008
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