Long Term Relationship Bank Won't Cash Out Refi
I have a property I just recently purchased in July and put down 25K because it was conventional financing. Numbers are as follows:
Purchase Price: 95K
ARV: 135K
Down Payment: 25K
This was a motivated seller so I was able to get it at a deal price and it didn't need hardly any fix up.
I used a bank that I've had a long term relationship with (4 years to be exact) and I currently have 5 loans with them. 6 including this new one.
I already knew that this bank didn't require seasoning, but I asked again anyway just to make sure my cash wouldn't be
tied up in this property. After confirming that I would be able to cash out immediately I decided to proceed with the purchase.
After closing on the property, the loan officer at the bank started acting funny, not returning my phone calls, and saying they have some new global credit guy that has to come in and look at all of their loans to make sure they're good. WHY WASN'T I TOLD THIS BEFORE I CLOSED!!??
Long story short, after months of me calling and being told I should have an answer within a week and never getting an update, I called and the loan officer told me they wouldn't be able to refi because my loan balances are too high and they didn't think it would be best for them to make them any higher. WAIT, WHAT??
I was pissed!! Especially since I just assumed 3 loans from this bank in January and prevented them from three foreclosures.
So now I have a property that I have a 70K loan on, I'm receiving 1K per month from a tenant buyer, there's 65K of equity sitting there and I can't refi with this bank.
Has anyone ever dealt with a situation like this?
What steps did you take to get your cash back out?
Any suggestions would be helpful.
Thanks for your help in advance.
Happy Investing,
BJackInEmUp
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