During the years after the housing crash my wife and I accumulated quite a few rental properties. We haven't purchased any in the last 3 years because our local market (imo) is no longer viable. I'd like some advice on how to proceed at this point because it seems we've hit a road block. I tried B2R and even the private banking at Wells Fargo. In the end the interest rate was either too high (along with the fees) or there was a ridiculous commercial ammortization that made it impossile to cash flow or, in the case of refinancing our portfolio to pull cash out, the LTV was reduced greatly to meet their "requirements" which made the loan and time involved getting it, pointless.
So, we have a portfolio of properties where around half are paid off and half are mortgaged. We have 10 mortgages. I'm looking for a lender who will meet these criteria:
- lend to someone with 10 mortgages. (but with good credit and a good W2 income)
- 5% or below interest on 15 to 30 year ammortization. (this is critical, unless you find a smoking deal it is simply unrealistic to cash flow SAFELY unless these parameters are met)
- lend on property located in any state. (also critical because California is priced out)
That's it. It's very simple. Anyone know of any lenders who can meet our needs? Or, any advice at all related to our situation is appreciated. Thanks!
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