Refinancing can be an extremely useful tool to access equity tied up in real estate. Currently, mortgage rates are at some of the best numbers they’ve been in a long time, and perhaps lower than they will be again. This window of opportunity offers motivation for business owners to explore their financing options and determine whether cashing out at refinance would be beneficial for them.
There are many reasons cash out refinancing can be advantageous for a business. If you have a balloon payment coming due or extremely high interest rates, replacing your old loan makes good financial sense. Tapping into your equity can also create cash flow to pay off other existing debt, cover business expenses, or provide capital for a new business growth venture.
If you’ve explored the idea of refinancing but wound up unsuccessfully securing a loan, don’t give up yet. Alliance Commercial Credit Group has spent the last decade building solid relationships with many of the Northwest’s primary commercial lending institutions. We have an “in” to help you get your refinance in motion.
When it comes to loans, we can help you secure one of two options. More traditionally, there are conforming loans. These are fully documented, requiring a decent credit score and two years of tax returns. If you find qualifying for this sort of loan difficult, ACCG has different commercial real estate loan programs designed for businesses unable to secure traditional financing. All that’s needed for these non-conforming loans is an application – no tax returns required.
Using a non-conforming loan is an alternative particularly useful for businesses utilizing a bridge loan that’s come due. ACCG’s programs cover everything from industrial property purchases to owner-occupied office buildings to hotel properties in rural areas. High loan-to-value rates and low interest rates give your business amazing alternative financing options.