Cash Out Refiance on Mix Use Property

I can also help you with this.  Most lenders will not do a 20 year fixed on this type of building.  This is the type of loan that I as a broker would do with Flushing Savings Bank or another portfolio type lender.   Most lender will not give you a solid rate until they are sent a setup package.   At that point they issue an offer letter with options.

Feel free to give me a call.

Vanessa Thatcher _ATLANTIC HOME CAPITAL_ Tel: 631-687-3510 x106 EFax: 631-918-5222 Cell: 631-672-4113

vthatcher

in Mortgage 13 years and 10 months ago

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esther | 13 years and 10 months ago

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Hello All, I have a mix use property that I would like to do a cash our refi on. I was told this may be diffcult to do with my property since I have commercial space as well as three apartments above. If you know any mortgage broker who handles cash out refi on mix use properties please do let me know. Oh yes and I am looking for a 15, or 20 (preferably 20) year fixed rate.

adam_dahill | 13 years and 10 months ago

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I have a mixed use lender that can offer the following on a cash out mixed use.

15yr Fixed 5.875%
10yr Balloon with 25yr Amortization 5.875%
5/5/5/5/5/5 ARM 30yr Amortization 5%
these are with no points and these are the only products that they offer.

It’s hard these days to find Mixed Use lenders. The residential banks don’t want to do the loans because of the commercial contingent and the commercial lenders don’t like properties with fewer than 5 units. 

-Adam Dahill
WCS LENDING