Real Estate Investor · Peabody, MA · Member since 2013 · 304 posts · 91 votes
Hi All,
My 4 unit has appreciated considerably and looking for the best way to access equity. Are any lenders loaning 85% LTV on non owner occupied properties? Or would I have to move back in to access that equity?
Thanks,
Tom
It's actually really nice building and I wouldn't mind moving back into it if it meant getting access to the full 85%. Do you think lenders would give me trouble where it went from investment property to owner occupied?
Underwriters would have a field day with the scenario of you moving back into units, particularly if you're living in a sfr that's more expensive than the property you're writing about.
There are a lot of variables to your situation, not the least of them credit and income. If both of those are solid, there are options, but the max I've seen on multi unit non owner properties is 80%, full doc, with decent rates (in the 5's on a 30 year) and 7's on an ARM with no income verification. Both will cost you points and fees, but again, those vary.
Stephanie Potter
Thanks for the info. Actually the property would be nicer/ more valuable than my other 4 unit that I'm living in. Any amount of time that they would want to see me living in the 4 unit before trying to do owner occ cash out refi or heloc?
If you have your documentation in order like drivers license, bank statements and tax returns showing the property as your primary residence, it will go through. They will still not like it though.