Mortgage refinancing is often used by consumers to obtain a lower interest rate when the market is favorable. But there is a way to get cash out of your home or investment property to fund an existing business or even create a new one. Here is how cash-out refinancing from Shop Commercial Mortgage can be an important funding source.
Refinance to start a new business — You may have an activity or hobby that you take seriously enough to be considering a new business opportunity. However, starting that business can quickly add a lot of debt to your credit cards for equipment, advertising, materials, and perhaps even new employees. Cash-out refinancing can get you needed cash for that business startup without adding a lot of debt.
Get money for improvements or expansion — An existing business has to spend money to create an inviting atmosphere for customers, or when your business needs to expand to accommodate growth. Conventional banks may balk at offering you a business loan if your financial statements don’t meet their criteria. Cash-out refinancing from Shop Commercial Mortgage can get you the money you need to improve your existing business location or grow to meet business needs.
Renovations can increase rental or selling prices — You may have investment properties that you either wish to sell or obtain higher rental rates. Both choices involve making improvements to the property either to gain curb appeal for sale or to upgrade the property for a better rental return. A cash-out loan can get you the money you need for these upgrades.
Use the cash-out to eliminate higher debt obligations — Taking a cash-out refinancing will add debt to your mortgage, but that can be to your advantage if you use the cash to pay off high-interest rate debt such as credit cards. Conventional banks may be reluctant to take on that debt, but Shop Commercial Mortgage can use the accumulated equity in your property to secure their loan.
If you have a free and clear property or one with minimal debt and need cash for whatever purpose, consider getting a cash-out refinancing from Shop Commercial Mortgage. For more information please call or text us at 813-368-9919 or email firstname.lastname@example.org.