Loan Scenario: CA, Refinance (Rate and Term)
Loan State: California
Loan County: Los Angeles
Loan Type: Refinance (Rate and Term)
Loan Amount: ---
Property Value: $750,000
LTV: ---
FICO: ---
DTI: ---
Occupancy Type: Owner-Occupied
Property Type: Condo
Will anyone refinance a loft in Downtown Los Angeles that is owned by a 501(c)3 organization and do it in the organizations name? A commercial loan would be totally fine. When they originally purchased the loft (to use as an office) it was personally guaranteed by an executive of the organization who is now leaving. The did that to obtain a traditional residential mortgage since the building is technically a condo, though live/work is allowed. Now they would like refi in just the org's name. Plenty of assets and income. Commercial loan maybe ? Anyone?
Thank