Posted on: 06th Feb, 2011 06:34 pm
# 2 buys commercial property and assumes bank loan from # 1 (previous owner). Five years later refinances. Lender calls this a purchase money and doesn't address liens! Can 2nd financing on commercial property still be considered a purchase money? If so, what constitutes refianacing?
Hi hadley,
Second financing on commercial property will not be considered as purchase money. To know all about refinancing, take a look at the given page:
http://www.mortgagefit.com/refinance.html
Second financing on commercial property will not be considered as purchase money. To know all about refinancing, take a look at the given page:
http://www.mortgagefit.com/refinance.html