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Cash-Out Refinancing

We can help you use your equity to fund your project.

Promenade Commercial Lending can help you get cash-out refinancing from your existing commercial property. With personalized attention to detail, the team can advise you during the refinancing process. Check the commercial refi term details below, but contact us for rates, or to get started.

Cash-Out Refi Terms

  • Property Type - Multifamily with a minimum of 5 units.
  • Transaction - Cash out transaction
  • Credit - A minimum of a 680 FICO score is required.
  • Appraisal - State licensed appraiser required
  • Loan to Value - Refinance = 75% with cash out
  • Amortization & Terms - Maximum of 30 years amortized. Initial fixed for a 3, 5, 7, 10, 15, or 30 year length.
  • Rate Lock - Varies with differing loan programs.
  • Recourse - Varies with differing loan programs.
  • Survey - Will be surveyed if not already qualified by Title holder's wishes.
  • Environmental - Dependent on which program you select
  • Termite Report - to lender's satisfaction, any mitigation must happen within 60 days of closing
  • Debt Service Coverage Ratio - (DSCR) = NOI / Debt Service or 1.25:1, whichever is higher.
  • Ineligible Property - No handyman specials, turnarounds, nor rehab.
  • Ownership - LLP, LLC, individuals, or corporations
  • Loans - From $500,000 - $50M.
  • Second Mortgage - sorry, not permitted.
  • Interest - Contact us for a personalized quote.
  • Escrow - Varies with differing loan programs.
  • Seasoning - refinancing not allowed within the first 6 months of ownership
  • Inspection - this will depend on the loan program you select
  • Title Insurance - Lender's choice
  • Any Other Costs - borrowers are required to pay all transactional costs
  • Management - underwriting expenses should be 5% of EGI or current market rate - whichever is greater
  • Assumable - 1% fee, qualifying
  • Replacement Reserves - $150 - $200/unit
  • Prepayment - This will depend on program selected
  • Vacancy - market dependent

Get In touch

(555) 555-5555

available from 10:00am – 7:00pm

Email info@promenadelending.com