I'm looking to Refinance a Commercial Real Estate property
My wife and I own a farm property that we operated as a wedding venue in the Midwest. Originally, we lived on the property, separated it into two plots, now live on the adjoining property. We bought the 50 acre farm with an interest rate of 4.35%. Although this is a very good rate, it seems as though we could refinance at a lower percentage. I have tried local and national lenders but have struck out so far getting a lower rate. I'm interested in any creative or new programs for which we might qualify.
[{"id": "guhuj2v", "text": "It is all wedding income and 0 farm income?", "replies": [{"id": "guhuyl8", "text": "yes it is\n\nthanks for responding", "replies": [{"id": "guhv936", "text": "No farm income", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "guhz9dv", "text": "I doubt you can get better than 4.35% for a wedding venue in the current climate. Its a over saturated market and Covid did a number on them.", "replies": [{"id": "gui2asf", "text": "We've been in business for six years and have done well, even through Covid. When you say, \"over saturated\" I'm not sure if you're referring to commercial lenders being overextended or the wedding venue business in general. We have done very well in the past month booking for 2022. Thanks for your help. I appreciate it.", "replies": [], "depth": 2}], "depth": 1}, {"id": "guikmml", "text": "Your refinance offer is very fair. I cannot imagine anyone giving you a better deal.", "replies": [], "depth": 1}, {"id": "gujinlm", "text": "Commerical lender in WI. I'd say that's a fair rate. Maybe a few basis points lower. But nothing to justify the refinance and all the costs associated with it.", "replies": [], "depth": 1}]