|LM says: Frank, I sincerely doubt that you can make that happen ESPECIALLY if you are dealing with big banks. The reason I say this is first, because these are two totally different types of debts. Just like you say, credit card debt is unsecured and as such is governed by a different set of rules. On top of that if you are dealing with big banks there are probably so many layers of bureaucracy, management and so on plus the fact that the credit card division can be in one place and the mortgage division can be 2,000 miles away. They don't talk to each other and are completely separate entities. |
However, the one true way to find out is to pick up the phone and start making calls. Start with the bank that issued the credit card in question and see where you can get. However, be prepared to deal with some class A idiots because you will probably get some call center somewhere that only knows to read from a monitor and that's it.
Whatever you do if you reach any kind of agreement keep a detailed log of all your communications and get any agreements in WRITING.
I am also a bit surprised that you cannot get any kind of credit on your free and clear properties. This might be due to not only the fact that they are commercial but that they are not performing the way the bank would like to see, maybe??
I would also suggest going to as many banks as you can, specially if they are small, local banks where you might be able to talk directly to the decision maker. This is because different banks have different "portfolios" of loans and you might run into one that can accommodate your type of property.
It would be great if you came back and update us with your progress.
P.S. - thought of one more thing. Have you tried approaching any private investors and see if they can give you a loan on one of your properties?