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Can I refiance and take out huge amount of money for paying off commerical mortgage?

Posted on: 07th Apr, 2009 06:09 am
Can I refiance and take out huge amount of money for paying off commerical mortgage?...If I have a $700,000 house that has remaining mortgage balance of $100,000, Can I refiance it and take out $200,000 extra money to pay off my commercial property mortgage? Is this legal and make financial sense?
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Posted on: 07th Apr, 2009 07:46 am
I agree with Mr. Akerley, who in my short time on this forum seems to one of the more helpful members around!

There is no reason why you can't do it, but it's likely much more complicated than you've said in your post - and deciding what form of refinance you do is also importnat to contemplate. You've got various issues to think about, such as the effects on your personal and business taxes, other debts you have and could also pay off, any needs you might have in the near future to get personal or business credit.

Even that is overly simple, so you really need to run all the details of your situation by someone...
Posted on: 08th Apr, 2009 05:05 pm
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