Just got done doing our estimates for this coming year.
Need about $1M to finish our projects.
Already have $473K, but will use some of that in Dec to pay bills (about 30K worth).
So we'll need to get about $600K, more is better.
Have not refi'd in a while (10 months), given the market and current loan climate.
RE in Napa is staying steady-- not decreasing, but not appreciating much, either.
Funds needed ($1M) are to finish off a B&B-style 3BR cottage w/innkeepers quarters (need about $150K for that), and finish off a 12-room B&B w/permits for 18 rooms (need about $850K for that).
We do have small amounts of equity in our other RE.
We also have a B&B worth $3-3.5M, with only 1.05M in loans on it.
So we're planning to tap into the equity of the B&B.
Part of that $1.05M loan is an SBA 20yr fixed rate loan for about $400K. Like to keep that if possible (it was a *great* deal, super low interest rate, got it in '04).
But we need to refi the other $650K of the B&B loan anyways (loan ends Nov 08), so we might as well do this at the same time.
So what are our options?
Ideas?
As you all know, I'm also open to creative (out of the box) ideas.
More traditional ones are also appreciated.
-Russ H.
Need about $1M to finish our projects.
Already have $473K, but will use some of that in Dec to pay bills (about 30K worth).
So we'll need to get about $600K, more is better.
Have not refi'd in a while (10 months), given the market and current loan climate.
RE in Napa is staying steady-- not decreasing, but not appreciating much, either.
Funds needed ($1M) are to finish off a B&B-style 3BR cottage w/innkeepers quarters (need about $150K for that), and finish off a 12-room B&B w/permits for 18 rooms (need about $850K for that).
We do have small amounts of equity in our other RE.
We also have a B&B worth $3-3.5M, with only 1.05M in loans on it.
So we're planning to tap into the equity of the B&B.
Part of that $1.05M loan is an SBA 20yr fixed rate loan for about $400K. Like to keep that if possible (it was a *great* deal, super low interest rate, got it in '04).
But we need to refi the other $650K of the B&B loan anyways (loan ends Nov 08), so we might as well do this at the same time.
So what are our options?
Ideas?
As you all know, I'm also open to creative (out of the box) ideas.
More traditional ones are also appreciated.
-Russ H.
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