Great time to Refinance Commercial Property
January 15, 2011
The indexes have been dropping and right now is a great time to refinance your commercial property. In fact, one of our clients is refinancing a supermarket and pleasantly saw his interest rate drop prior to closing.
The easiest refinance loan today is a rate and term refi. A rate and term refi does not permit cash to be withdrawn from the equity of a property; however, commercial property owners may benefit from lower payments by extending the loan period or by lowering the interest rate on their mortgage. Both of these situations may be possible at the present time.
A commercial loan that disperses cash from the equity of the property is called a “cash out refi.” Depending upon the equity in a property, now may also be a good time to get a cash out refi. Give us a call or complete a commercial mortgage application to see if refinancing your commercial property would be a wise decision for you.
