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Anyone happen to know what the current rate/rates are for re-financing a small 16 unit building in MANHATTAN? We're at about 6.75 with three years to go but we need some money to do capital improvements and pay off some bills. Mortage amount we owe now is $225K.
Any referrals would be appreciated as well.
Thanks!
AR,
I agree with you 100 per cent, however there are some other aspects that come into play. Is it possible to contact you to discuss?
Thanks
Sure.. my email is reapllc@aol.com
Anthony
AKA
~AR
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With 225K and 3 years to go, why not put off the improvements, do what is necessary maintenance for the 3 years and get that thing paid off? then you will be banking at least 2500 ish per month / 30K per year for whatever capital improvements you need, the apartment value will be increased as the financial stability of the building is solid at that point.
If you need money to pay bills, then there is something wrong with your budgeting process and maintenance was not raised when it should have been and/or in the amounts it should have been. Don't borrow for this shortfall, budget right for 2010 expenses, create a 1X assessment for the arrears and move forward and get free.
Best
~AR
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