Updated over 11 years ago on . Most recent reply
Bank will not waive escrow
I am trying to do a cash out refinance on a triplex that i had purchased in February with cash. Since I purchased under my LLC and preferred to keep it that way i went to my local bank that i do business with and the loan officer said it was not a problem. Their LTV kind of sucks at 65% for a cash out refi but no other banks wanted to touch it. Ok fair enough. Now I get an email from the loan officer a month after submitting docs saying that they can not waive escrows due to being an investment property. I have never heard of this before and just sounds ridiculous to me. Has anyone heard of a bank not waiving escrows on an investment property?