We have retired and sold our business, however, we have a large commercial building on which we still have a mortgage. The bank does not want to continue the mortgage as we are not owner occupied, and so far we have been unable to get a lease in place–the banks want a 3-5yr lease. We would prefer to sell and retire further south, however, I have had it listed with a realtor with some action–we have priced it attractively. Any suggestions where we might get some type of loan until it is sold?
SAVAGE SAYS: Your question came in just as I was sitting at my computer. I have emailed my best commercial real estate expert, and will post an answer in the next day or so. I’m betting he will say you need a different broker!? One question: Does the bank have an “out” to call the loan if you are not occupying the property — and also, doe the bank get to “approve” the tenant, as part of the terms of your existing loan, or does getting a tenant also trigger a call on the loan?
OK, here it is 12 hours later, and my expert replied. Since he, too, recognized that there are many aspects to this issue, he suggested you contact him directly. His name is Howard Ecker, and he is a recognized expert in commercial real estate. His email is Howard@HowardEcker.com.