does anyone know of a bank/lender who would do a 2nd lona on a commercial property?

Asked by Joe, Buffalo, NY Sat Oct 27, 2007

either a line of credit or a 2nd loan?

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4
Infinity Rea…, , Saratoga, CA
Mon Oct 29, 2007
Well Said Mike.

There are a million Hard money lenders out there that can take on seconds. It is hard money though, so expect to pay dearly, unless you have a low LTV and have the option of picking and choosing which hard money lender to use. The problem with hard money is that you never get to borrow directly from the Lender, and sometime you are dealing with 2-3 middleman and each making there money.

There is another option, i know of a bank that gives commercial equity lines of credit at normal interest rates, and does not charge tons of points. The hard part is that its a bank and sometimes it is alot harder to qualify through commercial banks in this situation.
1 vote
Jim Walker, Agent, Carmichael, CA
Tue Oct 30, 2007
Joe,

Banks and other lenders will still lend up to 90% LTV on secondary (also called mezzanine) financing -- IF -- you have a fully leased class A office building, a fully leased retail center or similar high quality, high value commercial property. They will not deal with small potatoes. Only properties that have multi million dollar values need apply. We would be glad to help you if your commercial property is worth more than $5 million.
0 votes
Mike Kelly A…, Agent, Santa Rosa, CA
Sun Oct 28, 2007
You can ALWAYS get money! Let's make that perfectly clear! Just what you'll PAY for said money is another story!! For a second on commercial property call: Red Tower Funding, Nick Goldman, 415-350-8740. They are a "HARD" money lender so expect to pay liberally!!! He in particular touts getting loans in "second" position to a primary first note and deed of trust.
The commercial paper market is soon to go the way of our recent residential travails!
0 votes
#1, , San Francisco Bay Area
Sat Oct 27, 2007
Chances today are slim to none. You may be ablr to re-do the first if you are 60 - 65%% loan to value
0 votes
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