Anyone here own a mixed use property and take out a loan/equity line against it?

I know there are not many banks that lend against a mixed use property (i own a 2 family with store on ground level) , but i am looking to tap into my equity in this property and wanted to see if anyone has any suggestions as to which banks to contact ?

Guest User | 4 years and 7 months ago

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Guest User | 4 years and 7 months ago

string(1) "3"
string(6) "200378"

the property is paid off …thanks i will start reaching out!

yudashasom | 4 years and 7 months ago

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You’ll have to talk to a commercial lender.

Some of the larger banks have a commercial arm like Chase and Wells. But it is mostly the community/local banks that dominate this corner of the market in NYC: Flushing, Ridgewood, NYCB… also Signature.

The problem you will have is you picked the worst time to refinance a mixed-use. You will likely need to demonstrate that the commercial tenant is paying, lender may require that they hold a 6-12 month COVID reserve, rate may be higher, LTV may be lower, and your comps will probably be weak.