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Updated over 5 years ago on . Most recent reply

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Brandon Crosby
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Small rural area, no comps for my duplex. How can I re finance?

Brandon Crosby
Posted

I bought a duplex two years ago. It is owner carry. I have done extensive remodeling and upgrades and want to refinance the best egg loan I used into the original at a lower interest rate. Lenders here say we have no comps so no deal. Any suggestions?

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Will Chamberlin
  • Rental Property Investor
  • San Rafael, CA
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Will Chamberlin
  • Rental Property Investor
  • San Rafael, CA
Replied

Keep asking lenders. It is obviously worth something, even if you have to do comps on a sq ft basis with SFH nearby. They should also be able to use the income approach to come up with a value. Maybe you can do the math and present to the bank as part of your pitch. Take the hard work out of it for them.

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