My Refi got 'canceled' due to changes in pricing - who can close?
Hi,
I am rather experienced at investing in real estate but earlier this year I had a refi on a house in TN, in the final stages post approval/post appraisal get 'postponed indefinitely' effectively bc the rate agreed upon got pulled and instead I was asked to pay 5 points - from a prior situation where I was getting credit to close.
This was through a conventional mortgage broker who I'd used in the past. I have checked in every two weeks since this time, and the general message I get is 'there is no investor demand for these types of loans' in the secondary market which is killing this deal.
The amount of total $ we are talking about is relatively small. I work in finance and I am acutely aware of what is going on in the country, but the continued 'no bid' to this kind of market I find a bit shocking. There is a good bit of capital appreciation on the property, it has been tenanted continuously since 2013 and I was mostly looking to cut the interest rate and pull out a little bit of money. There is nothing really speculative about it.
I am looking for recommendations or a connection to help me close this deal as the appraisal is still rather fresh. Happy to go over details further.
Thanks,
Matt