Apartment Cash-Out in NJ

A financial advisor referred a deal to Commercial Direct on behalf of his client who could not get a commercial loan through a bank.

There were two primary obstacles to getting a traditional bank loan. First of all the borrower's personal credit score was below every bank's credit score minimum. Additionally, the small apartment building in NJ that he was looking to refinance had occupancy issues and needed some very minor renovation. Most banks will require an investment property to be at least 85-90% occupied, so the fact that there were vacant units was also initially challenging for the borrower when he sought commercial financing for his property.

Fortunately, the borrower's financial advisor knew of Commercial Direct and referred his client. Not only was Commercial Direct able to do fund this deal, but the borrower was able to get an additional $200,000 in cash out. He was happy with the process and also excited about Commercial Direct's unique Fixed Rate program.