Pulling Cash Out!
Florida Commercial Loans | Jacksonville Private Money
Owners of commercial properties may run into situations where they need additional cash to operate their property or business. Commercial banks may not be willing to refinance commercial properties, or your credit rating may not be up to their standards. This is where Shop Commercial Mortgage can help.
Cash-out financing occurs when the borrower requests more money than is needed to finance the property. The result is cash that goes to the borrower. This may be useful if sudden repairs are needed or renovations are desired to improve the property. Commercial properties considered for cash-out financing can include apartment buildings, strip malls, mixed use or multi-family homes, restaurants, warehouses, hotels, or motels.
Financing with a cash-out option is different from adding a second mortgage to the property. The cash-out agreement will replace the original mortgage with a new larger one. Because Shop Commercial Mortgage is offering hard money investor loans, they can be shorter duration than a commercial bank. You should run the numbers to determine if the shorter duration loan, plus the cash you need from the cash-out option, will not exceed your ability to repay the monthly note. Of course, the greater the equity in the property, the greater the amount that will be available to you from our investors.
If you have a commercial property, and need additional cash from the equity in it, contact Shop Commercial Mortgage today. We offer hard money financing for a wide range of credit ratings, with no upfront fees, and closings in 21 days or less. If the commercial banks have turned you down, Shop Commercial Mortgage won’t let you down.