You Survived!
The pandemic has caused a lot of businesses to close their doors forever. For the businesses fortunate enough to have an operating entity, congratulations and thank you for your perseverance.
New Challenges
Because business owners must deal with daily operations and keeping people safe, it’s a great time to talk about the money it’s going to take to help them make these things happen. Spacing requirements, anti-germ food displays and an “in an out” service strategy can make the difference in not just staying open but thriving.
Opportunities
If a business owner has accrued equity in their commercial property, it may be possible to pull out a portion of it as cash to be used for other purposes. Give your property a facelift, buy the equipment that can help you streamline the customer experience, pay for ventilation upgrades and other safeguards, purchase inventory or increase your payroll to attract new talent. Activities like the ones just mentioned will increase your revenue.
Remember, your refinance costs are tax deductible which means when you refinance your loan, all of the costs are deductible. Our lender doesn’t charge any points, but, your loan fees, any legal or title fees you pay and any recording fees or registration taxes that your city, county, or state charge can all be deducted. However, you will need to divide these costs by the length of the land and write off a commensurate portion every year. For example, if your closing costs are $16,500 for a loan with a 10-year term, you’d be able to claim $1,650 a year in costs.
A cash out refinance commercial loan can be an effective way to:
Consider refinancing your commercial property into a new low-cost product for the best results.
Submission Requirements for Full Doc Program:
SHF completed/signed application OR 1003/personal financial statement/other application PLUS loan supplement form
Tri-merged credit report
Rent roll (multi-tenant properties)
P&Ls/operating statements last 2 years and YTD for property
Last 2 years’ tax returns
Purchase contract (if applicable)
Submissions Requirements for Lite Doc Investor Program:
SHF completed/signed application OR 1003/personal financial statement/other application PLUS loan supplement form
Tri-merged credit report
Rent roll (multi-tenant properties)
P&Ls/operating statements last 2 years and YTD for property
Purchase contract (if applicable)
Submission Requirements for SFR Program:
SHF completed/signed application OR 1003/personal financial statement/other application PLUS loan supplement form
Tri-merged credit report
Rent roll (multi-tenant properties)
P&Ls/operating statements last 2 years and YTD for property
Purchase contract (if applicable).
If you’re interested in creating a success story of your own, make it a point today to connect with our lenders Regional Manager in your territory. Get started by enter your email and clicking submit.