Multi-Family and Apartment Investing

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Josh Taylor
  • Rental Property Investor
  • Olin, NC
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43
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Multifamily refinancing loan

Josh Taylor
  • Rental Property Investor
  • Olin, NC
Posted Sep 17 2019, 18:49

I currently have 2 rental units but am looking at buying my first multifamily property in my hometown here in NC. It is a 2/1, 2/1, and studio triplex. I am going to be using an equity loan for 1yr intrest only to purchase the property. I talked to several lenders today to see what their seasoning period and LTV percentage allowed to cash out after remodeling it is. The problem im having is that all the lenders said they will have to have 3 comps of triplexes to get an appraisal to refinance to a 30yr fixed and without comps no loan. There are plenty of duplexes around but hardly any triplexes. Any ideas how to solve this dilemma? I dont want to do a brrrr on this property and be stuck without being able to refinance it.

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