Does anyone have a recommendation for institutions that will refinance a rental property under a LLC, for a fixed rate, 25-30yr term? I called all possibilities locally in Hunterdon County, NJ, and canât find any yet. Thank you very much!
Update, found a couple, happy to share if anyone is interested in the future.
Rob Stein I would love to hear what you found. I’m in Florida, so I don’t know if you found a national lender or not, but maybe I can learn from your experience. I’ll send you a PM.
I am curious to hear as well
Send me PM's as well. I'll be glad to help.
By the end of that day I had been on the phone with almost 30 lending institutions, some small-town local and others a little bigger. I'd call local banks and credit unions, ask for a mortgage specialist, and then asked if they refinance investment rental properties, and if so, what the terms are like. For me in the specific subject property I was asking for, I needed a long term (25-30yr) fixed rate refi, which is usually what I look for to keep my payments as low as possible. None of these had an early payment penalty.
The next quesitons are, how long until you can refi after your aquisition of the property, and will they refi for an investment property held under an LLC, and again, answers varied widely. Refinancing against the appraised value will typically offer more wiggle room and possibilites than refinancing against the purchase price, especially if you acquire a property that needs rehab. Some institutions have a 6 month, or 1 year seasoning period before they'll refi with you agaisnt the appraised value, less than that and they'll do it against the sale price. But, some places will do it as soon as you want against the appraised value. Hard to find, but if you ask enough questions to enough institutions, you'll find one.
I found a couple of credit unions and local banks that will refi after 6 months, some after a year, and one that'll do it as soon as you want. PNC is very investor friendly for being a bigger chain, otherwise local banks and CU's will be a good option.
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