refi sub2
I have good credit and I bought some properties sub2 and I do have the deed on them. The interest rates on them are around 6 percent or higher. The banks are wanting to loan on houses 80 percent of purchase price. So the house is worth 105k and 68k is what is remaining on the loan. One of the reasons I want to refi is to get the seller out of my life and it would give me some cash for other investments. Can I do this and would you do this. Thanks for the info.
How long have you owned the properties? I have seen banks wanting you to own the property for 2 years before they will give you a loan on it.
If you have not owned it long enough to satisfy a bank, you might be able to approach private lenders in your area.
Best thing is ask everyone (banks and non-traditional lenders) what they will do for you and see what they say.