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Updated almost 8 years ago on . Most recent reply

User Stats

73
Posts
14
Votes
Joe Bourguignon
  • Investor
  • Portland, OR
14
Votes |
73
Posts

Trying to find a lender for a challenging property

Joe Bourguignon
  • Investor
  • Portland, OR
Posted
Ok, so I've been working on acquiring this property for a while and I'm finally to the point of needing a lender. The challenge is that the property is over 20 acres, which rules out lots of conventional lenders, AND there are two residences on the property, which seems to rule out most other non-portfolio lenders. I'm talking to a couple farm style banks in Oregon where the property is, but they're moving way too slow for what the seller wants to happen, and I don't want to lose this property just because I couldn't get a mortgage in time! So, where should I look to find a lender on this property? Thanks!! -Joe

Most Popular Reply

User Stats

1,543
Posts
1,100
Votes
Kevin Romines
  • Lender
  • Winlock, WA
1,100
Votes |
1,543
Posts
Kevin Romines
  • Lender
  • Winlock, WA
Replied

@Joe Bourguignon Fannie Mae will go 85% as a duplex on an owner occupied. Less than 40 acres there is no problems. Once its 40 acres and above, we then need to contact underwriting for a decision. No overlays in this area?

If the property is a non-owner occupied, the LTV would be 75%

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