We have a rental Property that was just appraised at $103k. We are trying to find a Commercial Portfolio Lender that doesn't look at your DTI to cash out refinance. We have owned it since March 2017 and it's currently leased. We were in the process with a lender, and at the end, we were approved for $72,000 but their minimum was $75,000... SOOO close yet so far.
Anybody can help??
@Mariana Hernandez do you belong to a local real estate networking group? That might be a good place to start. You might also want to post this in the Missouri forum. Based on what you described it sounds like those might be the best options. A mortgage broker might be a good solution too. At the end of the day your solution will be a small, local lender. Finding that lender will be the challenge. You might need to call every single bank around. And sometimes the person who answers the phone at those banks won't know what you are talking about. A loan that size is a hard find but it could be possible somewhere out there.
Andrew P brings up a good point. Try your local community banks for commercial portfolio products.
Loan approval for 70% LTV of an investment property is pretty good. There are many factors which come into play such as NOI, property type, credit score, etc.
A regional or local community bank is your best bet for finding a lender who will look past your DTI. Be sure to let us know your results.
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