Refi multifamily investment property in Queens, NY

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Refi multifamily investment property in Queens, NY

Aram L.
Long Island City, NY · Member since 2018 · 36 posts · 6 votes

I have a multifamily investment property with rather high rates (5.675) and would like to take advantage of the current low rates.

Only “problem” is I’d need a lender who would work off credit report and bank statements as opposed to tax returns.

What rates have y’all seen for lenders like these?

I plan on holding so ARMs aren’t too desirable.

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Timothy Hero
Lender · United States · Member since 2020 · 1k+ posts · 499 votes
6y

It sounds like you're seeking a PML. If that's the case, you shouldn't expect conventional-style rates.

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  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    6y

    It sounds like you're seeking a PML. If that's the case, you shouldn't expect conventional-style rates.

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  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    6y

    @Aram L.

    There are bank statement programs out there, but the rates will be higher than what you have.  Stick with what you have.

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  • George DespotopoulosBusiness Member
    Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
    6y

    @Aram L. - nice to see someone local, I grew up in Astoria, and a lot of friends/family live in Astoria/LIC still. The thing is, a loan based primarily on the property's value/income and your credit/liquid reserves, will hold a higher rate. It depends on the number of units, the DSCR, your FICO, the LTV, and whether you're doing a cash-out or rate/term refinance. The rate could be anywhere between 5% - 6.99%. If you provide some further info I can get you an idea.

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