Problem with Refinancing, Fanny May regulation
Hi BP gurus, i would like to thank you all for a great and helpful discussions here on BP. I am a new investor and Got in to a bad situation. It was a cash only deal and i have bought this 1 br condo. Looked like a good deal and i got it under market price. The plan was to cash out refinance right away and i spoke to my broker. He said that it would be impossible to refinance because the other LLC owns more than 20% of the units in the building , and its violating a Fanny May rule of owning no more than 10%.
I am thinking to try HELOC but have very little hope.
Is anyone familiar with that rule and may have any suggestions how to take out some capital back without Fanny May regulations?
Appreciate any responds and support .
Thanks
Roman