Refinancing in Atlanta
Are there any recommendations for portfolio lenders in Atlanta? The search function here doesn't seem to give responses that really jibe with the requests.
I already have 4 loans with R2B/Finance of AMerica and thought it'd be easy to just refi 4 more houses to get the cash to renovate a few more properties that I own. Well.. I just wasted a couple of weeks....the first house they didn't want because $ 850/rent with about $ 110,000 value is too low. THen I paid $ 2000 for 3 appraisals, that came in so low, that they won't even do the loans (they have a minimum of 75k per loan, which has to be 70% or less of ARV). Considering that Newly renovated 3/2 in my are selling for 130-150K right now and mine are newly renovated, but not new kitchen cabinets and not granite counter tops, I'm furious that the appraisals came in between 80- and 85K. Fixer-uppers are being sold here for that price.
Anyway, I then contacted a mortgage broker on Friday, filled out an application and he won't respond by email or phone to me. Have no idea what's going on. Net worth is 7 figures, monthly gross rental income is about 14K (with 4K in mortgages). Credit score around 700, I think. So, somehow I didn't think that I'd be such a bad candidate.
Any suggestions on potential portfolio lenders in the area?