I am looking for refinance my existing mortgage for motel as I am paying high rate. And I tried all local banks in twon. No bank doing finance for motel even though I have 1/3 money of total loan i am looking for in thier bank accounts. And I have outstanding credit also. And we went up 12 % compared to 2008. And we are doing good. I am paying my mortgage for last 7 years without a hitch and I am going to pay rest of the term without a hitch. But I wanted to chash-in the lower rate. So anyone know which bank do hotel-motel for non-flag property. All banks want my money but they don't want to finance. Each and every bank Manager stop-by my place to open an account on their bank but they don't want to do finance. And our president Mr. Obama release 30 Billion dollor to who, to these banks. I can't beleive that. God bless all small business owner.
Credit is in a big crunch right now in the US, I understand your frustration. However, I'm sure there is a bank in the US that would be willing to refinance your mortgage on your property. I've provided a link below that might be able to help you. Sadly, I can't give anything specific in line with the rules of this community.
bankrate.com/
---This post was edited to remove a commercial link. Read our discussion policies for more Community best practices.
Credit is in a big crunch right now in the US, I understand your frustration. However, I'm sure there is a bank in the US that would be willing to refinance your mortgage on your property. I've provided a link below that might be able to help you. Sadly, I can't give anything specific in line with the rules of this community.
bankrate.com/
---This post was edited to remove a commercial link. Read our discussion policies for more Community best practices.
I have excellent credit like more then 700 points.
I have excellent credit like more then 700 points.
Sadly, banks don't care as much about credit these days as they do about equity. They need to know you can '100%' make your payments in this type of economic situation; which is VERY has to do.
Sadly, banks don't care as much about credit these days as they do about equity. They need to know you can '100%' make your payments in this type of economic situation; which is VERY has to do.
Like I said I am paying my mortgage for last 7 years without a hitch and I will, on my rest of term without a hitch too. But I am paying 8 % rate.
Like I said I am paying my mortgage for last 7 years without a hitch and I will, on my rest of term without a hitch too. But I am paying 8 % rate.
I'm not exactly clear on whether you're looking to cash-out refinance your existing mortgage, or take out a separate business loan for your motel?
If you're looking for a cashout refinance then I think you'll have some options, there's a site in my sig that might be helpful to you, it's set up for Las Vegas Nevada, but you can get quotes from around the country easily enough on the site.
Business loans are a bit different, though if you're willing to secure your business loan against your home mortgage banks will be more willing to look at you.
what is the biggest hurdle you're coming across? Why are you being turned down? the three cornerstones of lending are equity, credit score and debt servicing ability - which are you struggling with?
I'm not exactly clear on whether you're looking to cash-out refinance your existing mortgage, or take out a separate business loan for your motel?
If you're looking for a cashout refinance then I think you'll have some options, there's a site in my sig that might be helpful to you, it's set up for Las Vegas Nevada, but you can get quotes from around the country easily enough on the site.
Business loans are a bit different, though if you're willing to secure your business loan against your home mortgage banks will be more willing to look at you.
what is the biggest hurdle you're coming across? Why are you being turned down? the three cornerstones of lending are equity, credit score and debt servicing ability - which are you struggling with?
I don't have any issue at all. Excellent credit, good debt ratio. I am looking to buyout existing mortgage (refinance). My NOI is more then 80K.. Local bank not doing becuase I have non-flag (Private) motel, that's is only hurdle I have. And my occupancy rate is more then 85%. And I have pretty established business.
I don't have any issue at all. Excellent credit, good debt ratio. I am looking to buyout existing mortgage (refinance). My NOI is more then 80K.. Local bank not doing becuase I have non-flag (Private) motel, that's is only hurdle I have. And my occupancy rate is more then 85%. And I have pretty established business.
if you're just looking to refinance your existing loan to a lower rate then you should have a few options, mortgagedetroitmichigan.com should be able to point you towards a few refinance lenders in your area.
If you're looking for a cashout refinance then they'll probably look a little more closely at your equity but if your situation is as rosy as it sounds you should be fine.
Fireplace-Guy | Creator | 3/4/2010 - 7:09 pm
hithere6 | Performer | 3/5/2010 - 3:36 pm
Fireplace-Guy | Creator | 3/7/2010 - 1:55 am
hithere6 | Performer | 3/7/2010 - 2:04 pm
mrhelpful | Contributor | 3/8/2010 - 4:39 pm
hithere6 | Performer | 3/8/2010 - 6:17 pm
mrhelpful | Contributor | 3/9/2010 - 8:33 pm
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!