Hello BP, does anyone know of any lenders that refinance non warrantable condos? I own a unit that I'd like to refi but haven't been able to find anyone to do this. It's only non warrantable because one owner owns 3/8 units and that same owner rents all 3 units which makes the rental unit ratio 5/8 (more than 50%). Thanks in advance !
Apologies , forgot to mention this is a RENTAL.
@Cesar S. Portfolio lender can help you to refinance because its investment.
try to get an idea what lender (s) has made loans in the complex in the past few years and then contact them ...you might also check with the smaller to mid size banks and credit unions in the condos area as they may not be as concerned with this issue
@Cesar S. I would also try a broker. Are you trying to cash out? What is the loan to value ratio?
@Cesar S. I just sold two condos that were non-warrantable as 95% of the units are investor owned. One of the folks got financing with Penn Financial. Not sure if they lend in your state, but take a look.
Thanks guys. LTV is about 60%. Would like to lower the payments a bit of possible.
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