Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms.
Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debts, to reduce one’s periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend.
In essence, refinancing can alter the monthly payments owed on the loan either by changing the loan’s interest rate, or by altering the term to maturity of the loan. More favourable lending conditions may reduce overall borrowing costs. Refinancing is used in most cases to improve overall cash flow. Therefore making your bills/payments lower than before.
Another use of refinancing is to reduce the risk associated with an existing loan. Interest rates on adjustable-rate loans and mortgages shift up and down based on the movements of the various indices used to calculate them. By refinancing an adjustable-rate mortgage into a fixed-rate one, the risk of interest rates increasing dramatically is removed, thus ensuring a steady interest rate over time. This flexibility comes at a price as lenders typically charge a risk premium for fixed rate loans.
Unfortunately for many commercial real estate loan prospects, there seem to be far more reasons for conventional commercial lenders to turn them down than to approve them. That’s sad but just the way our national lending industry has gone since the crash of 2008. That’s the bad news. The good news is we have numerous lenders each with their unique commercial mortgage refinance (and purchase) loan programs that can fill the gap until you can qualify for more long term commercial real estate financing. Below are just some of the commercial mortgage refinance (and purchase) loan programs we can help you with.
Commercial refinance to avoid a foreclosure. This is for those where the bank is calling the loan, often for no good reason. Unfortunately, we see this all the time.
Commercial loan where you have a balloon payment due and the bank isn’t interested in allowing you to have a new loan.
Commercial loan where the property has less than 51% owner occupancy. This is an SBA loan requirement and why many borrowers get turned down by the SBA.
Loan on a commercial property where you have been in business less than 2 years. This “rule” by virtually every conventional commercial real estate lender is particularly difficult for commercial real estate buyers.
Commercial construction loans. Most commercial lenders avoid construction loans like the plague. We have lenders who can work with you on commercial construction financing.
Apartment rehabilitation financing. We have programs specifically designed for the investor wanting to buy and rehab multi-family properties.
Mobile home park loans. We can help you either refinance your mobile home park loan, perhaps even one secured through seller financing or financing to buy a mobile home park.
Commercial financing loans where the down payment doesn’t have sufficient seasoning, a common conventional loan turndown reason.
Commercial loans with poor or even bad credit. Many lenders we represent aren’t credit score driven but are truly interested in the story behind any low credit scores.
No minimum debt service requirement loans. Our lenders don’t have hard debt service requirements but look at the big picture.
Commercial loans without tax returns. We are interested in the P&L of the property and often don’t need tax returns.
Low occupancy commercial real estate loans. As with debt service, we don’t have firm occupancy requirements for many of our loans.
Commercial real estate loans with a previous bankruptcy. We will simply want to hear the story behind the bankruptcy.
Commercial loan programs where the borrower has a previous foreclosure.
Commercial Mortgage Refinance Specialists, no credit score minimum. Commercial refinance when balloon payment due.
Banks playing ‘hard to get’? Commercial loan balloon due? You’ve come to the right place for a commercial mortgage refinance to avoid foreclosure.
Blackstone Financial Services represents top bank and non-bank lenders to help you with your business real estate based loan needs. Call today or send an e-mail to learn more about these great loans.
646 693 7799 – Ask for Woodson Davenport or e-mail us at Refi Help
We have teamed up with a number of lenders to drastically increase the types of business real estate loans programs we can offer. With the addition of these programs, our offerings are too broad and ever changing to even attempt to place on this web page. Just to give you a hint, our new programs include: Acquisitions, Rate and Term, Construction Loans, Bridge Financing, Equity/Joint Venture and Hard Money. We also have Non-Recourse programs and some strong programs apartments. Property types include: Apartments, Office, Retail, Hospitality, Industrial, Mixed Use and Healthcare.
The key to get the best program for your business is to find an expert with access to a significant number of lenders. That way you end up with the very best business real estate loan for your situation, instead of submitting your package to numerous lenders in the maze of “lenders” out there, most if not all of which aren’t a good fit for you causing you time, money and frustrations and at best ending up with a structure that is not the best answer for your needs much less the best rate. That’s where we come in. We are experts at finding you the best loan available. Let us prove it.
- Up to $15,000,000
- Down Payments As Low as 25%
- Program That Includes Inventory and Equipment
Call or e-mail us with your scenario. You can contact us 7 days a week. 646 693 7799 – Ask for Woodson
Many people getting Hard Money Financing Could Qualify For our Standard SBA Programs (Fast Closing)