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refi of neighbor hood club house

Looking for options to refinance a 10-year $300,000 mortgage of a neighborhood club house (nonprofit corp) with a 30-year fixed rate mortgage.  What are the options/conditions?
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February 22 2010 - Williamsburg
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Answers (4)

I don't know this firm, although it may be a good place to start: http://www.carteretcommercialmortgage.com/ ..... Happy funding, Rudi
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February 22 2010
Your best option will be to deal with a local bank, maybe even the bank that holds the current loan. If the payments have been on time and the collateral is good, they might be willing to change the amortization schedule and rewrite the current loan.

Commercial financing is difficult to obtain for many loans today, you may have to do a lot of shopping. For the most part, this is the kind of loan made by a local bank in the community. 
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February 22 2010
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From what I understand, the club is incorporated.  As such, I expect the club to hold the title and be responsible for payments.  The club is open to neighborhood residents on a voluntary membership basis.  The club funds itself through membership dues mostly.  The clubhouse/pool/boat dock/tennis court are on one of the most desirable properties in the neighborhood - as such, I expect the loan to be well secured.  I believe the current rate is 6.8% on a 10year loan. 

The reason I'm inquiring about a longer amortization schedule is to match the economic life with the membership dues flowing to the club.  Ideally, members should only pay for building as they utilize it; the club is not looking to build up net worth.
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February 22 2010
Couple of questions -

Who has the obligation for the payment of the mortgage currently ? And who holds the title to the clubhouse ? An what is the rate on the current loan ?

This would not normally fall under 30 year, fixed rate residential guidelines, since it is not a residence.

If this is owned  by a neighborhood association, and dues are collected from the homeowners, this will be a commercial loan of some sort. These generally are not fixed for 30 year terms, but could have a 15, 20,  25, or 30 year amortization on a shorter term loan. Even though the term of the loan is not 30 years, the amortization schedule can help reduce the payments if it is longer than what you now have.
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February 22 2010
 
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refi of neighbor hood club house
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February 22 2010 | 4 answers
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