[Yankeeman07]

I have a long term client, has a mixed use building he owes $1.7 mill on and it was valued at $4.5mill in 2019.
Looking for a LOC or something to take some funds out.
He is currently paying 4.5% with his local bank.

Any suggestions?

2 Quick Questions:- Can we assume he went to his bank and was declined?
Business Owner understand he will be @ 4.5% - and if so - what rate is he willing to pay?

**Hard Money will be 9% + as a 2nd mortgage

[skideeppow]

2 Quick Questions:- Can we assume he went to his bank and was declined?
Business Owner understand he will be @ 4.5% - and if so - what rate is he willing to pay?

**Hard Money will be 9% + as a 2nd mortgage

No, he has not gone to his bank. And yes I explained hard money would start at 8%. I know most hard money lenders will not take 2nd position, that is what i was entertaining the heloc.