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Forums » Seeking Financing, Money, or Loans » Can I refinance rental?

Can I refinance rental? Subscribe to Can I refinance rental?

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Tag Tags: financing rental ltv


Jason Cannelos

· Marysville, Washington


Forum_avatar_avatar-jcannelos

Icon_minipost Nov 21 '09, 01:05 PM

Hi everyone,

I'm brand new to bigger pockets - forgive me if this is the wrong forum. I have two rental properties in Everett and Marysville, WA. I would like to see if I could refinance one or both of them. I have tried a few big banks (Bank of America, et) but I'm at or over 100% LTV with the current market. Is there anyway to refinance? If not, I may have to sell or let the Everett property go.

Thanks!

Sincerely,

J'son

Edited: 06/26/2010 at 10:36AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Nov 21 '09, 01:13 PM

You can refinance them, if you have sufficient income, good credit and an acceptable LTV. LTV limits are probably 75%, perhaps 80% if you can find the right lender. The lender will do their own appraisal, and that may come in lower than you expect. If you're higher than the lender's LTV limit, you'll need to bring cash to the table to refinance.

If you can't, you should speak with your current lender about possibilities. They might be willing to do a loan modification or a short sale. Or, they might let you give them a note for the shortage.

Edited: 06/26/2010 at 10:36AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Moshon Reuveni

Commercial Real Estate Broker · North Hollywood, California


Forum_avatar_avatar-labailout

Icon_minipost Nov 29 '09, 12:03 PM

Try http://www.lendinguniverse.com where several local lenders can give you separate quotes for your loan. On a private investors loan you may expect a short term loan up to 5 years for 65% of present value 9%-13% and 3-6 points.


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