Refinancing 30 unit property in Georgia

4 Replies

Trying to refinance my 30-unit Georgia Property.  The problem is that the Navy FCU has denied the application due to my partner not meeting the desirable credit score of 650+.  B2R financing was a no go due to rents needing to meet $500/unit.  

Anyway, what are some ways/suggestion to work around this besides keep contacting Loan Officers and Mortgage Consultants for refinancing?

If anything, the lessons here is 1) make sure your partnerships meet the desirable credit score, 2) make sure you meet requirements for B2R Financing, but still a great tool to use when refinancing your property. 

Wow if you are under 500 a unit in GA that is low income.

Are these all 2 beds or 1 bed mix??

When you start having metrics like 1 bed, suburban to rural population location, low median income levels, low rent per door, small size etc. you start stripping away lot's of lenders.

Are you sure there is not a local bank close to the property that would do a refi?? They might not have the terms you want but loans in that range are not very competitive to the borrower like larger loans are.

The REFI should have been researched heavily with 3 to 4 lenders lined up before even acquiring the property. 

This would have given time from acquisition to work on things if your partner needed to when you went to REFI.

Originally posted by @Joel Owens :

Wow if you are under 500 a unit in GA that is low income.

Are these all 2 beds or 1 bed mix??

When you start having metrics like 1 bed, suburban to rural population location, low median income levels, low rent per door, small size etc. you start stripping away lot's of lenders.

Are you sure there is not a local bank close to the property that would do a refi?? They might not have the terms you want but loans in that range are not very competitive to the borrower like larger loans are.

The REFI should have been researched heavily with 3 to 4 lenders lined up before even acquiring the property. 

This would have given time from acquisition to work on things if your partner needed to when you went to REFI.

 Yes, the units are mixed 2br/1br.  Thank you for your reply.  We will be moving forward to finding the closest lenders near the property.

LOCAL BANKS

Input county and then contact all banks listed. If no luck work your way outward to all of GA list.

Hi Ryan,

What city is your property in? If it's in NW Georgia I have some people I can put you in touch with.

Jeff

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