Refinancing Condos
There are 12 units in this small condo complex. They are legally defined as condos and have a homeowners association. I own 4 of the 12 in an LLC.
All 12 of these units are rentals. I trying to refinance them but keep running in to guidelines that say over 40% are rentals and I own more than 10% of the complex. These all have positive cash flow and
are 100% rented at this time with one year leases.
Does anyone know anybody that could refinance these?
They are currently financed with a private investor.
I have owned these for 2 and half years.
Thanks for any suggestions.
:-?
Look for a portfolio lender (one that will keep the loan in house and not sell it to Fannie Mae or Freddie Mac). This why you keep running into the guidelines. I believe they will not accept loans from other lenders where the homeowner to investor ratio is over 33%.
Look for a portfolio lender (one that will keep the loan in house and not sell it to Fannie Mae or Freddie Mac). This why you keep running into the guidelines. I believe they will not accept loans from other lenders where the homeowner to investor ratio is over 33%.