Cash out refinance on commercial restaurant property [CA]
[{"id": "ehyr4ab", "text": "Call a local bank or get an sba or something, this is wrong place to ask this question ", "replies": [{"id": "ehyrdu3", "text": "How is this the wrong place to ask this?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ehyuwu9", "text": "Is the restaurant a tenant (meaning the owner is an investor), or is it her restaurant and her building?", "replies": [{"id": "ehyzeeb", "text": "Yes restaurant is a tenant", "replies": [{"id": "ei8y745", "text": "OK, so SBA is not a loan option. However, the underwriting is going to be tied closely to the financials of the restaurant regardless, because that is the only basis for cash flow on the property. Commercial lenders will want to know about:\n\n\\- The lease. How long is it? What is the rent? Are there step-ups included? Is it gross (landlord pays taxes and repairs) or net (tenant is responsible for property upkeep and taxes)?\n\n\\- The restaurant's financials. Are they profitable? What's their balance sheet?\n\n\\- The property. Is it in good shape? What's the location? If the restaurant leaves, what are the chances of re-renting?\n\nIf there's a solid answer to all of the above, it's possible to do a cash-out loan, but at that small of a size, it's not going to be easy to find the right lender. If the investor can bring a new deposit account to a local bank or credit union, that should get some ears itching. $150k is too small a loan to be interesting without more business opportunity for the lender.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ehz08qf", "text": "Where? I do CRE lending for a bank. ", "replies": [{"id": "ei0am02", "text": "In Los Angeles county", "replies": [{"id": "ei0b0n2", "text": "PM me - I can probably help you out ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ejgwcz0", "text": "Did you get this taken care of?", "replies": [], "depth": 1}]