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I need to refinance to a fix rate but the property is mixed residential/commercial and banks refuse to refinance.

(in texas) currently a variable 11%+, there is an old building on the lot (not habitable) and we're having trouble refinancing to get a fixed rate. Any advice? by ana_kelly22 from Houston, Texas. Aug 19th 2010 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Only way I can see getting it done is if the appraiser can find 3 comparable properties zoned similarly to yours. May be an uphill battle.Todd E. ThollSr. LO, CMCMain Street Financial601 Brady St. Suite 211Davenport, IA 52803Direct 563-324-9937Toll Free 877-324-4858Cell 309-236-3485Fax 563-324-9943toddt@mainstreetfin.comwww.qchomeloanpro.com

Aug 19th 2010
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Louis Jeffries (LouisJ)
#11 ranked lender in Illinois - 57 contributions

There is not enough information to answer your question. To qualify for a commercial mortgage first we look at the property. Mixed use commercial properties are no problem to get refinanced when working with someone who does them regularly like I do. The most important thing about the property after the condition, is the income generated. Does the property generate enough income to support the loan for a "A" type loan. Next is the loan to value. How much is the property worth and how much do you need to borrow. If the low to value is not too high and the income can support the loan, you should be in good shape. Finally, commercial loans are rarely fixed rates. they may be fixed for 5 to 10 years, but the rates on long term fixed are generally substantially higher that investors opt at the intermediate terms of 5 to 10 years.One last question, do you operate a business in one of the commercial spaces?As I mentioned there is not enough information to determine what type of financing you would qualify for. It would be best that you call me at 708-299-3244 or send me a email directly to financingbroker@gmail.comThen I can prequalify you free of charge and we can discuss all the loan parameters.Respectfully

Aug 19th 2010
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Brett Pehrson (brettpehrson)
#20 ranked lender in Utah - 228 contributions

My first thought is why is the building not habitable...perhaps that's the problem. As LouisJ mentioned, you probably don't want to accept the terms for a fixed rate on a commercial use property; take the intermediate term fixed rates.

Aug 19th 2010
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Rudi Hofmann (CaPortfolioLoans)
#278 ranked lender in California - 380 contributions

My guess, although you must have been told, is the other building. You need to be straightforward in addressing this issue. Slumlord lenders are now extinct. .... Happy funding, Rudi

Aug 19th 2010
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