The Internet has enabled the wisdom of the crowds like never before. B2B Exchange brings that
wisdom straight to you by collecting the comments and questions of other commercial mortgage buyers as they tackle
business purchasing head on. If you’re not sure what to be looking for in your next commercial mortgage, check out
the most common thoughts, fears and ideas shared by your fellow business purchasers.
“I own nine properties in New Orleans out of which six had serious damage during hurricane Katrina. The three others sustained minor to moderate damage. I have totally renovated seven of the properties and are about 50% on the way to repair the eight, while the ninth property has not been touched. I am looking to borrow money to renovate the other 2 properties. The appraised value of the seven properties which has been totally renovated are about $2,000,000.”
- Partner, Real Estate, New Orleans, LA
“The property is worth $975K. I am interested in refinancing to take money out to buy another property. My current mortgage is $285K I would like to do this ASAP since I have a contractual deadline of 7 days, and do not want to forfeit my deposit of $14K on the other property. ”
- Partner, Real Estate, Carlisle, PA
“The hotel is in Mexico. We will be moving from the US there to operate the business. The hotel price is $1.6 million US Dollars. We would like to put 20% down payment and get a commercial mortgage for this hotel. ”
- Buyer, Business Services, San Diego, CA
“I own a pizzeria restaurant business and I also own the real estate where I run my business. I am only seeking to refinance my existing mortgage of $310K and extend the terms from 15 yrs to 30 yrs and lower the interest rate as well. The property value is close to $600K. ”
- Partner, Real Estate, Chicago, IL
“We built a 20,884 square foot retail shopping center in Georgia approximately 2 years ago. The shopping center is approximately 40% occupied. Our leasing aent is working with 2 prospective tenants that may lease aproximately 5,900 square feet total -- approximately 28% of the shopping center, which would bring the total space leased to approximately 68%. We currently have a construction loan that we would like to pay off and move to a permanent loan. ”
- Partner, Real Estate, Athens, GA
“The property is expected to cost $1,000,000. Ideally prefer a 10% down to 20%. It is multitenant office warehouse.The size is 8,600 sf. 4,000 vacant frony space.The income for the other is $4,180 month gross.The monthly expenses are approx. $1,500 month.”
- CEO, Real Estate, Oklahoma City, OK
“Looking to refinance our current building loan which is a 15 year at 6.25%. Payoff is appox. $447,000 with a value of approx. $700,000. We are interested in a straight refinance or cash-out refinance. The cash-out amount would be approx. $100k or less.”
- CEO, Business Services, Houston, TX
“The current loan on this property is a land contract in the amount of $139K. We are paying 7% interest. Since rates are low we thougt this might be a good time to refinance since we have a ballon payment due in 2011. ”
- Partner, Real Estate, Tallahassee, FL
“I am thinking about buying a hotel, and currently working with a broker. Hotel owners are asking for $8,000,000. The hotel is running profitable, and it has total revenue: $2,254,239, net operating Income: $733,766. I have a very good credit, but I do not have 10% down for financing. I have been been working in hotel industy for past 10 years.”
- Partner, Real Estate, Santa Fe, NM
“This is a dental office with 3700sqft of space equipted with 9 operatories of dental equipment. I currently have 2 interest only loans in place. The building loan for $400k+/- and the equipment for $200k+/-. I am seeking permanent financing for these 2 loans. I would like the equipment loan at a shorter amortizaion than the building (ex 10 year/20 year).”
- Buyer, Health Care, Seattle, Washington
“Building is less than 1 year old. It is 3,200 square feet and my cost basis is approximately $1,300,000. I operate a gourmet sandwich shop in half the building. I underwrote the store to do $18,500 in sales per week and it has averaged over $24,000 per week. It is a great location and wildly successful. I have been unsuccessful in leasing the other half of the building yet, but rent on the shop portion services all the debt. ”
- Partner, Business Services, Scottsdale, AZ
“I currently only owe $20,000 on this building. I bought building for $35k. It is valued around $100k per local real estate people. I'm looking at refinancing (on a land contract) and get some cash out to do some repairs and upgrades. Currently, the building has 6 offices all 6 are occupied - it generates approximately $1600/month in income. ”
- CEO, Business Services, Bay Village, Ohio
