Updated over 8 years ago on . Most recent reply
Cash out refinance on condo in a building that is over 50% rented
Good news, I closed on a condo in Wrigleyville that will turn solid positive cash flow each month. Bad news is that I couldn't obtain a conventional mortgage because the building (55 units) is over 50% rented. Granted I didn't shop around a lot for a lender(probably a mistake).
Having said that, is it going to be really difficult to find a lender/bank to offer a cash out refinance 6-months to a year from now if the building as a whole is still more than 50% rented vs. owner occupied? Thanks in advance!