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Updated about 8 years ago on . Most recent reply

User Stats

7
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1
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Casey Havenor
  • Real Estate Investor
  • Waunakee, WI
1
Votes |
7
Posts

Turned down for Refi -- Where should I look for lender?

Casey Havenor
  • Real Estate Investor
  • Waunakee, WI
Posted

I was turned down by my current lender for a refi-loan on my condo due to the following reasons.

- 35% of the units are owned by a single investor (this needs to be under 10%).

-only 31% of the units are owner occupied or second homes.

- 25% are past due on the condo dues. (Not a big deal not as most are only like 20 days out.)

- Rental - commercial property.

Where should I look to find a lender to handle a deal like this in WI? 

Thanks!


Casey

Most Popular Reply

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9,937
Posts
10,792
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Chris Mason
  • Lender
  • California
10,792
Votes |
9,937
Posts
Chris Mason
  • Lender
  • California
ModeratorReplied

Hi @Casey Havenor,

The dialing for dollars on this one should be pretty quick.

Simple y/n answer that'll let you dial quickly and efficiently until you get the "yes."

Expect an ARM and/or points upfront and/or a higher rate.... 1 or 2 out of the 3.

  • Chris Mason
  • Loading replies...