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.
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.
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
If you live in the 2 unit property, you can get very favorable financing, but you can't get it from a commercial lender/broker (Dodd/Frank precludes it for owner occupied). Your best bet is to find a conventional lender. Talk to a few and make sure they understand how to calculate taxable income and add depreciation back in and you should be fine. PM me if you need a reference.