Investor · Jenkintown, PA · Member since 2014 · 10 posts · 0 votes
I have a property in the Philadelphia area that I have owned for over 12 years and I currently have a Rent to Own Tenant/Buyer in place for about 2 years. Their credit is in the high 500's, so their not ready to get a mortgage. I am going to have to refinance the property in about 6 months do to the term coming due. Does anyone know of a Bank or Mortgage company that I could refinance with that would allow me to sell the property to my Tenant/Buyer on a wrap around mortgage?
Real Estate Agent · Philadelphia, PA · Member since 2015 · 180 posts · 69 votes
10y
@Daryl Jarrett wrap around mortgages are a cool idea, but I'm sure as you know, banks don't like them. I unfortunately don't know of any, but if I find one I will be sure to pass the knowledge your way!
Hendersonville, TN · Member since 2015 · 21 posts · 10 votes
10y
Agree with Rocky. In my experience, only private lenders will allow this. We do some of these in Tennessee. Some real estate agents say they are illegal, but not in Tennessee. Always best to check with your local state laws.