Advice on types of lenders for refi on rental property

[Stephan Bataillard]

I'd like to know what types of lenders I should go to refi rental property.

My primary residence is a rental.

I'm a freelancer with a mix of W-2s and 1099s and my income varies year to year and especially this year due to Covid.

I have a loan now on a a multi family 2 houses on a lot that I renovated. Purchased for $750k-probably around 1.2 now.

Rents are $6500-my mortgage is $4200.

Any advice greatly appreciated.

Thanks

[Rob Beeman]

@Stephan Bataillard

Select a rental loan lender (either regional or national). They will use the rental income of the properties (leases), not use your personal income to qualify. The property will need to be deeded in an entity (LLC), so if that is not currently the case it will have to be transferred into an entity during the refi (transfer fees probably apply). You, as the LLC member will be the guarantor on the loan. Make sure that ownership has been for at least 6 months in order to use the "current" value.