Kind of. You can do better. You can actually get into a non debt piece type of financing for this amount. The idea that the lender has put such a short time line on you tells me they want you to make a quick decision before you have a chance to do any due diligence on it...such as find out if you can find better. Another options would be to acquire a Business Line of Credit that would cover the full amount and leave you with out any lien to the property. one big reason for this it it would also give you time to shop for a refinance to take out the LOC. This would be easier to do since at that time the property would be free and clear, since the LOC would not be directly connected to the property. The $1M amount would not be a problem either. You can get a NON-Signatory, Business LOC for well over that amount in around 60 days or less.
Jan 17, 2009