Hi I have a rental Property in NY - a 3 Family Multiunit. 1 Unit is rented for $800, 1 is being prepared for rent (gets $1500) and the other one is getting evicted should be empty next week and gets $1200).
We bought the property with a hard money loan (10% interest 9 months), we have held it for 6-7 months and looking to refinance.
I am looking for a company that offers longer term financing on rentals that is based primarily on the property for a BRRRR. (Lowest interest and longest term!) Non recourse preferred but open to either. I spoke with one company that offered 7.4% on a 30 year loan based on credit score but looking for other options.
Current Loan = 134K
Bank Appraised when we bought it 6 months ago = 190K
Thanks in advance!
@Tyler Silver , I personally would stick to the local banks. It helps to start building that relationship early on, as I assume you'll want to continue to grow your portfolio. Good luck!
That 7.4 would be your best bet from any non conventional lender
You might be able to get it down to the mid 6's but again that depends on credit score