Payton & Associates, LLC
Commercial Litigation Attorneys
Miami, Florida

How can I refinance my commercial real estate?

High-end real estate developers or owners in Florida may end up in a situation where they have to refinance their mortgage. For example, if you need the money you were going to use towards your mortgage payment to make repairs to your property, refinancing your mortgage can give you an alternative to making that large payment. Refinancing your loan can even lower your interest rate.

If you plan to refinance your commercial real estate mortgage, you will need to stay organized and make sure that you prepare all the correct documents. You will need to submit tax returns, profit and loss statements and other documents to your lender so they can determine whether to allow you to refinance. The more solid your business plan is, the more likely it is that you will qualify for a refinanced loan.

You will also need to show the lender the current value of your property. Your loan-to-value calculation can change over time, so it is important to make sure it is up to date. You will also need to determine realistically if the income you are bringing in is enough to pay the mortgage every month. Property owners with bad credit may have a more difficult time getting their mortgage refinanced, but it is possible with a higher interest rate.

Refinancing your mortgage also comes with additional costs upfront, including insurance and lender processing fees. Make sure you can afford these costs before committing to refinancing. Refinancing can be a long process, but it may be worth it to ensure the success of your commercial real estate.

Source: Chron, "How to Refinance a Commercial Mortgage," Beth Winston, accessed on April 11, 2017

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