Residential Mortgage Specialist · Dallas, TX · Member since 2014 · 18 posts · 3 votes
We recently finished a flip and put it on the market for sale in Decatur TX. As a back up plan I am looking for refinance options to possibly turn this into a rental. The issue is, our loan-to-value is at 88% and we cannot come in with more money. We can get a lease for the property very quickly if that would help with the refinance but I really don't know if lenders care. Can anyone think of lenders/banks that would be willing to take on the loan or maybe of another exit strategy? Thank you!
Sure no problem. We have a hard money loan totaling 159k with interest only payments (12%APR). The house is worth 179k. Ideally we would refi into an ARM amortized over 30 years and refinance when the principle is paid down to 80% into a conventional loan. Let me know if anyone would be willing to take that on or if you have any ideas.