I have a property located in Joelton, Tennessee which just went under contract for closing in mid August. It has two houses located on one piece of land and the sale is for both of the houses as one purchase on one deed. I currently have a commercial loan on the property as I never lived in either one but have completely remodeled and rented out both. I have an issue now because my buyer is (even though they qualify for a traditional loan) is not able to obtain a loan for this property. The traditional lender won't approve this property because it has two houses even though my buyer wants to live in one, I guess they see it as an investment property. And, commercial lenders won't lend because the buyer wants to live in one of the properties, and they also see it as an investment property, I guess they don't want the buyer living there.
So, I'm looking for anyone who may know of a lender who will lend to a buyer that wants to live in one of the houses and rent out the other. Both are currently rented out and the property cash flows nicely. Any help would be much appreciated as the buyers need to line up financing soon. They've already been preapproved for more than the purchase price for a regular house. Thanks in advance.
@Ken Nelson How the property is recorded in county?
I'm in a similar situation, however I am a potential buyer and am having a hard time finding a lender to lend on the property...I'm interested in how this pans out.
Can you give me some $$ amounts? the LTV , what he has for a down payment?
I am a loan broker. Send me a PM and let's talk.
Yes, the house is in escrow for $345,000. The buyers plan on putting 20% down, seems like it should be pretty straight forward...