Real Estate Investor · Appleton, WI · Member since 2011 · 8 posts · 0 votes
My bank(any bank) will only allow me to finance 4 properties at a time, that are less then 4 units. This also includes my personal residence. How do I get around this guideline if I have 10 properties paid for and I would like to refinance and purchase more. Any comments or help would be greatly appreciated.
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
14y
We just financed #6, so it is not "any bank." Just takes a while to find one that will actually follow the guidelines for properties 5-10. Find a local business bank -- we have used BB&T in NC and Fitzgerald Financial in MD, I think Monarch Bank in VA does them, but there should be some in your area that will do #5-10. Maybe I am misunderstanding -- are you looking for a wrap for all 10 together or cash-out refinances? Not sure about that kind of financing, but I know for new purchase, 5-10 is doable. Harder requirements, higher credit score, 25% down, 6 months reserves on all your properties, etc., but definitely available.
Investor · Orlando, FL · Member since 2012 · 431 posts · 106 votes
14y
A few local banks around here have no problem going up to 10 and then anything after 10 will require 30% equity and perhaps a closer look at your personal financials.
Call around - you should be able to find some options, especially if you've got 10 that are paid off.
Lender · Denver, CO · Member since 2009 · 1k+ posts · 597 votes
14y
You may not need a local bank to get the loans done. You need a mortgage lender that underwrites directly to Fannie/Freddie with no bank overlays. The 4 property limit is an overlay, Fannie/Freddie guidelines allow you to go to 10 properties. Conventional loans so all qualifying still applies. I am financing well past 4 properties on 30 yr notes in the 4%'s. Good Luck.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
14y
I second what Travis Sperr said. Find a different lender, since the actual limit is 10 (per Fannie Mae guidelines). However, a lot of banks (especially the large ones) have overlays that only allow up to 4 financed properties.
Investor · Port Tobacco, MD · Member since 2008 · 20 posts · 7 votes
14y
As of a few months ago, Citimortgage would go to 10 properties. They're relatively easy to work with and will do everything via phone and email. Good Luck!