Financing in 60625>Question Details

aljones1000, Home Owner in

Refinancing a "Mixed-Use" Property 60625

Asked by aljones1000, Wed Apr 9, 2014

Looking to refinance our home... it's classified as a multi-family, mixed use property with B1-2 zoning due to the 1st floor (owned and operated) family restaurant and 2 apartments above.

Conditions are favorable, with a very low balance HELOC the only financing on the property and we'd like to cash out some of the equity for home improvements... for whatever reason a lot of the usual lenders (including our current HELOC provider, State Farm) are not interested for some reason.

Looking for tips to ensure we're not stuck with commercial level rates.

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Hi,
I am in the process of doing a deal similar to this. Please contact me. I might be able to help you.

JP Marzano
NMLS #574681
312-608-1555
jpmarzano3@gmail.com
0 votes Thank Flag Link Wed Apr 9, 2014
aljones1000,

This sounds doable provided you have sufficient credit and reserves.

You can find my contact info by clicking on my picture or a simple shortcut is to call my cell @ 847.404.7006.
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Wed Apr 23, 2014
Hello,
I am actually working on two mixed-use refinance deals right now. I'd be happy to help you.
Please send me an email: jpmarzano3@gmail.com and we can discuss further.

Thanks!
JP

JP Marzano
NMLS #574681
0 votes Thank Flag Link Wed Apr 16, 2014
email me at jmichaels@remax.net and I will send you my contact
0 votes Thank Flag Link Wed Apr 16, 2014
aljones1000,

I highly recommend James Huffer with The PrivateBank here in Chicago. His direct number is 312-564-1439. They do their own underwriting and service their own loans. The rates are competitive!
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Al,

I would start with the bank you currently have your checking or savings accounts with. If you have a good relationship with them that may be the best place to start. I do know several lenders that could help you as well. I currently help clients buy investment properties and work with different lenders for different properties. If your current financial institution can not help you, find out exactly why and then reply to this post and I will contact you.

Thank You

Robert
0 votes Thank Flag Link Thu Apr 10, 2014
For this type of loan you need to go with a commercial lender. Feel free to contact me for a recommendation.

Best regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
0 votes Thank Flag Link Thu Apr 10, 2014
I have a Client that is VERY interested in a Mix used in that area like your property
Good luck
0 votes Thank Flag Link Thu Apr 10, 2014
My web site has some lender references. Give them a call and see what they can do
0 votes Thank Flag Link Thu Apr 10, 2014
Contact my guy John Frazier...He should be able to help you out.

-Will
0 votes Thank Flag Link Wed Apr 9, 2014
At 773-575-3697
Flag Wed Apr 9, 2014
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