Refinancing Condo in Building w/ 50%+ renter/owner ratio

[Matthew Smith]

Hello Everyone,

I am new to the forum, but a long-time listener of Bigger Pockets podcast. I can't believe it took me so long to join the forum. There's a lot of great information here that will help me become a better real estate investor.

For my first post, I would like to attempt to tap the collective wisdom of the forum around an issue I'm running into while trying to do a cash-out refinance on an investment property. The property is 1 of 24 units in a low-rise condo building in Washington, DC. The building has approximately 60% rentership and all lenders I've spoken with have a threshold of 10%.

I understand from the lenders I've spoken with thus far that any lender who will ultimately sell their mortgage onto Fannie/Freddie has this requirement. I'm interested to here if anyone else has encountered the same issue and if anyone has identified a solution.

For example, would it make sense to approach Credit Unions? Are there other types of lenders that may help me around this issue?

Many thanks for any and all input!

-Matt Smith

[Russell Brazil]

I would touch base with @Upen Patel. If he cant get you into a Fannie/Freddie loan, he has some non-warrantable condo products as well I think.