I need to refinance right now, and the timing couldn't be worse... is there any benefit to the timing what so ever?
I know the government is making a lot of interesting moves in reguards to interest rates, repos, possible mortgage relief, etc.

Are banks looking to give out loans or refinances right now? Do banks have some sort of benefit they want to take advantage of, like the repo deal?

What are the pros and cons of refinancing with the current state of the economy?

I owe 1.3 million, the estimated value of the property is around 2.5+ million. My biggest fear is needing to sell it, or getting forclosed, but still owing a remaining balance, then having the rest of my assets get seized. I want to use my savings to take full advantage of the investment opportunities since the economy is taking a huge hit. 

Anyways, I may be getting off topic, I'll make a separate post detailing my situation, I could definitely use some advice right now, I'm losing sleep.
[{"id": "fl28plh", "text": "Rates are still really low. Your timing is not bad unless it\u2019s retail. Probably going to take you 3 months to refi though.", "replies": [{"id": "fl2a05s", "text": "Most of the rented suites are retail businesses, all mom and pop busniesses. For sure, there is going to be a huge revenue issue. \n\nI am quite nervous.", "replies": [{"id": "fl2chvy", "text": "General Location?", "replies": [{"id": "fl32nm4", "text": "Arizona, in a hot spot in one of the smaller cities, the location is on our side. Id give you more detail, but my previous comment discussing a potential lawsuit might give you a good idea on why I'm so paranoid about remaining anonymous", "replies": [], "depth": 4}], "depth": 3}, {"id": "fl2cj2p", "text": "Have cash reserves? I only have about 3 months payment reserves for my property, and that makes me nervous...tenant hasn\u2019t called asking for any concessions yet though.", "replies": [{"id": "fl32fxw", "text": "No cash reserve due to a huge ordeal with a roofing company. We got royalty fucked to be frank, but that's the name of the game I guess, everyone gets fucked over in this buisness at some point, or so I've heard. \n\nThe roofing company was supposed restore multiple areas with a full coating replacement. The roof ended up in worst condition than before and severe leaks led to a lot of water damage, which caused black mold. It was very expensive to remediate, which we had to pay them to fix because if anyone else worked on the roof, they would have a scapegoat when it came to liability. Also Someone was claiming the mold made them sick.\nWe payed them for a 20 year warranty to fix things like that, even had a lawyer look over the terms. But they  they broke the agreement because fixing it under the terms of the warranty would leave a paper trail of liability. They waited to fix anything as long as possible in hopes we would hire someone else, because the situation was dire and we had no time. We almost *had* to hire someone else.\nA few months later multiple more leaks were popping up, directly related to the roof. They would slap a patch on the crack, and leave the massive damage for us to deal with.\n\nFinally we got the Registry of contractors involved and another lawyer. The roof restoration, damages, legal fees, expert inspection, and mold remediation costed an excess of $60,000.\nThe lawyer we used said it was the worst job he'd ever seen. The ROC met us there with the roofing company, my lawyer and I were pointing out the problems on the roof, and the ROC actually was finding problems himself.\n\nWhen asked why none of this was fixed, the roofing guys said \"it wasn't fixed because they didn't ask us to come up here\" when in reality, they told us nothing needed to be fixed and the roof looked good, and they can only spot a roof issue *after* the water damage occurs. \nThey been dragging their feet even after the ROC told them to fix it Immidiatelty, we were going to take them to court for compensation, but the refinance snuck up on us and became priority 1, and then the pandemic got in the way of the refi. I hate to see them get away with this.\n\nI'm in my early 20's. My mom died in a piece of shit nursing home with no money and never told us about her commercial property. I was investigating to see how it stayed afloat with my mom being broke and all, and I found a paper trail suggesting the management company and leasing agent developed a few complex systems to illegally funnel money into their pockets. They were motivated to keep the revenue flowing. Their greed and willingness to break the law has fucked us in many ways, but they are also the only reason the property was saved from foreclosure. We worked so hard on it since my mom died, I've been trying my best, I was just thrown into a world I knew nothing about.", "replies": [{"id": "fl32qut", "text": "Holy shit. Yeah, that is a whole bunch of life lessons learned the hard way.\n\nWell, sorry about your mother.\n\nAnd you have to be very careful when using language like illegally funneling money. If you post that anywhere, and you don\u2019t have proof, you will be sued, and lose. Reddit is semi anonymous, so no worries there.\n\nHopefully you have a good lawyer now that you like working with, a good CPA, and a list of good contractors.", "replies": [], "depth": 5}, {"id": "fl38xr5", "text": "I am sorry that you have experienced such a hard lesson. In hindsight I would absolutely look into insurance for the property (enviro site) and in the future require anyone who works on your property be insured with GL/CPL coverage. Mold is an expensive issue to fix/remediate.", "replies": [], "depth": 5}, {"id": "flc9s9w", "text": "Many banks are granting payment deferments for borrowers that were doing ok prior to COVID. Reach out to your lender, many are deferring payment and will tack it on to the back end or potentially capitalize the interest. Banks aren't advertising options for commercial loans - call your banker. It's not in their interest to go scorched earth over a temporary problem.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fl2mo0o", "text": "SBA has programs available to help your tenants. https://www.sba.gov/disaster-assistance/coronavirus-covid-19", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fl2d9oi", "text": "You need to hit your local bank and pitch them on the SBL side of the world.  The govt is going to be backstopping Small biz loans, perhaps you qualify.  \n\nAt a national lender firm, they won't touch a retail deal of that size.", "replies": [], "depth": 1}, {"id": "fl2id9f", "text": "I do commercial lending in NYC and the tri state area. Goodluck doing a refi or a purchase in the next 2 months. Clerks are closing, and thus title companys cant run adequate searches. Because of this, they can't provide the title insurance policy institutional investors desire.", "replies": [{"id": "fl2w7ir", "text": "So long as your title co can provide gap insurance you can close before counties open back up", "replies": [{"id": "fl2wy66", "text": "The title co. wont insure as to any inaccurate searches, liens, violations, etc as to the property. I can't see an institutional investor ever lending when there may be other debts, making their hypothetical mortgage not first. \n\nHere in NYC, most commercial properties have liens. Sometimes a few hundred (to be paid at closing), other times as high as 20k (if not more) to be held in escrow, with an undertaking requirement. \n\nWhen the Bank cant even figure out the validity of any search, and the title co. wont insure this search (I dont blame them), nothing will get done.", "replies": [{"id": "flca0cr", "text": "holy shit - I don't cover NY, but what does the 'bar tab' look like from title search and following endorsement with 20k liens????", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fl334zy", "text": "Luckily, right before the pandemic news, a broker, a small bank, and I had sort of a \"gentleman's\" agreement that we'd get the refi if we got our taxes done early, and paid for an appraisal. No signatures yet though, I guess they are my only choice. \n\nI wonder what would happen if they weren't an option. Just forclosure I guess. The current owner of the loan note is horrible, he made me pay him 5000 to sign a \"don't dig up some more confusing bullshit to sue me for\" agreement, after I spent thousands in legal fees to prove I didn't owe a $60,000 lump sum like he claimed.. My mom died and I was the beneficiary, he immediately started bullying me.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fl2kcjl", "text": "I\u2019m in constant contact with plenty of debt funds that are actively quoting deals. I work in a large mortgage banking shop in Florida. Message me, maybe I can be of some help", "replies": [], "depth": 1}, {"id": "fl2pqj6", "text": "lot of lenders are going through price discovery. Going to be tough best to wait it out", "replies": [], "depth": 1}, {"id": "fl2ybje", "text": "Easy answer: no, it's an awful time to refi.  Rates are skyrocketing, a lot of towns and counties are closed for business, lenders are scared, etc.  \n\n&amp;#x200B;\n\nBut you do what you have to do.", "replies": [{"id": "fl33ire", "text": "I read it can take a whole year to sell a commercial property.\n\nI have one deal I have no choice to take, even if I wanted to sell, there isn't enough time before my balloon payment.", "replies": [{"id": "fl3wio0", "text": "You can politely ask the current lender to extend that balloon payment date. Very easy fix", "replies": [], "depth": 3}, {"id": "flca98u", "text": "Call the bank, with a loan over $1MM you need to find out who in that bank is assigned to your loan. TALK TO THEM. Tell them about your hardship, this is the best time since 2008 to have a problem. You can blame virtually anything on the virus. Banks cannot afford to default thousands or millions of commercial clients. They WANT to give you a temporary solution, short term extension etc. to keep you going. They don't want your property despite what you may have read. They just want to eventually get repaid through a refi or amortization.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fl36qkw", "text": "I know some people in AZ if you want to private message me. I had a commercial multifamily property there that I sold a couple years ago.", "replies": [], "depth": 1}, {"id": "fl37hjn", "text": "Hey man, maybe I can help you out if you ever decide to sell... Not because you had too, but I work in and around NYC and have some great buyers who are looking in Arizona who can pay top dollar... If you would even consider it, or want underwriting just for our thoughts let me know :) \nThe company is Vision realty advisors (check our website)", "replies": [], "depth": 1}, {"id": "fl37nfe", "text": "Hey I have a couple people with 1031 exchanges who can close in 30 days if you considered selling... Also we do our underwriting and just let you know our honest thoughts and can help you move forward, regardless of if we make money or not", "replies": [], "depth": 1}, {"id": "fl3cdbr", "text": "What type of loan is your existing loan? If you let it ride will it just adjust to the new rate? Do you need to take out any cash? If you don\u2019t and your loan will continue for another 5 years at the old or new rate what\u2019s the rush to refinance? I had a 5/20 year that I let it ride all the way down till it was paid off. Look at your current loan documents... maybe even have a lawyer take a look you may not need to refi if you don\u2019t need the extra cash.", "replies": [], "depth": 1}, {"id": "fl3i6x4", "text": "It's a great time to refinance", "replies": [], "depth": 1}, {"id": "flc9m01", "text": "Many banks are putting a freeze in place but not communicating that to the market, and not willing to admit it to other lenders etc. Rates may appear low, but trust me spreads are widening. CRE is not immune from the fundamental relationship between risk and spread.", "replies": [], "depth": 1}]