I am an investor with multifamily and single family homes in Chicago and it's South Suburbs (Chicago, Dolton, Chicago Heights, South Chicago Heights, Calumet City and Steger). I have successfully purchased and/or refinanced SFH units with Private Money, personal mortgages, and commercial refi., however, I cannot find anyway to access or refi in the less expensive SFH rental property market. My typical purchase in this space is purchase under $30K (frequently less that $20K), rehab less than $5K with market tenants paying $900-1,200K per month.
Of course, I can always get private money to help me with the purchase and stabilization, but if I want to hold them I need a less expensive rate and longer term.
Is there a way to refinance or purchase these with borrowed money?
Look into B2R Financial.
Here is a link of a BP discussion regarding this company.
@Ed Matteson The Community Investment Corp (CIC) is a multifamily lender, but they recently announced a program that allows investor to bundle MFR & SFR in to a package of 9 for refinancing. The properties must be relatively close to each other. Hard to tell whether what you have will qualify but it's worth the research.
Crystal and Joel, thank you both for your suggestions. I'll post my progress with these two as I go.
Any updates Ed?
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