Hi, I'm looking to do a cash-out refi for an investment property that I own outright. I fit Fannie and Freddie's underwriting standards so I would like to pursue a conventional loan. My local banks can't do the loan because the property is in another state. When I call national mortgage companies they don't seem to have any experiences working with investor situations. Anyone worked with similar situations like this and found good lenders to work with? Appreciate your inputs!
Find someone local to the state it is in.
The talent is with the local lenders (I am of course biased), but our licensing is such that we can typically only lend in one state unless we do a significant portion of the licensing stuff all over again, pay an extra set of annual fees, take an extra set of continuing education courses, etc etc, and then I think you are even supposed to have an office in that state (on paper at least).
The property needs to be in the same state as the local lender, you do not.
(The big bank national lenders managed to exclude themselves from the new post-recession regulations by claiming that none of the great recession was the fault of the big banks... and bribing the right people in congress. That's why it's easy for them to be "registered" national lenders rather than "licensed" local professionals, in a nutshell.)
Possible places you can find a lender local to the subject property:
* Here, on BP.
* Referral from the agent that helped you purchase the place.
* Referral from the folks doing your property management.
* Of course, friends and family that live in that area.
@Jerry Padilla has been very helpful in out of state cash out refi's for me.
@Upen Patel or
Both can assist
I am glad to answer any financing questions.
@Jerry Padilla helped me out
Thanks everyone for your inputs!