Updated over 4 years ago on . Most recent reply
Bank Examiners restricting lending...anyone else seeing this
Was in the midst of a refinance in March when my lender suggested the most they could offer is Contracted Sale Price + Renovations. I am not necessarily going to complain because at least I am getting all my money back out but this really negatively impacts my prior strategy.
She implied that Bank Examiners are really crunching down on real estate lenders to prevent bank defaults. My initial thought was well then I will just go to the other lender I have used in the past. Unfortunately received the same response.
Anyone else running into this dilemma. Sucks because I was netting an average of an extra $20-30K from invested capital per refinance which was really fulling my growth.