Seeking Mortgages for 3 Units
Per the sticky post ... would love to reach out to as many lenders as possible so I'll be as specific as I can about my scenario.
Your goals and story: Looking for the best solution to Cash Out Refi 3 units in Indianapolis on 30 year fixed mortgages, I live in California.
Type of property: 3 SFH.
#1 is about 1150 sq ft, 3/1.5 acquired it already tenanted. Need a few more cosmetic updates which should be completed in the next 30 days. Purchased early June of this year all cash. Purchased at $35K, about $12K in updates including all new electrical. Should appraise at about $60K.
#2 is also about 1150 sq ft 3/1.5 new tenant placed last month on an 18 month leases. Completely rehabbed. Purchased for 37.5 and rehabbed about $16k worth, should appraise at about 70-75k. Purchased in July, everything cash.
#3 is being rehabbed now. About 1300 sq feet, 3/1 and 2 car garage. Purchased for $22K, rehab is about $26K, should appraise at about 65-70k. Actively looking for tenant. Purchased in July, everything cash.
Location of property:
#1 is in Indianapolis, 46218
#2 also Indianapolis, 46218
#3 also Indianapolis, 46208
Purpose of financing: Cash out refinance.
Type of financing sought: Fannie/Freddie, blanket loan.
Current or prior ownership of real estate: Currently own a primary residence in Seaside, Ca
Occupancy: See above.
Value of property at present and/or your offer price: See above.
After repair value: See above.
Anticipated or actual appraisal issues: ?
Current rents per month: $625, $875, $Pending
Fair market rents per month: $777 for address 1, $800 for address 2, $800 for address 3.
Down payment or equity:
Source of down payment funds, if applicable: Own Funds
Income Source: Salaried/hourly W2,
Gross monthly income: $Rather not disclose here. Strong. Low DTI.
Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: See previous response. Low DTI.
FICO: Excellent.
Credit issues: None at the moment. Sub 5% utilization.
Please PM me. Hopefully we can work something out!