Updated almost 4 years ago on . Most recent reply
difficulty with financing more deals
Hello, im in my 2nd year of investing, I still consdier myself an advanced ametuer. i presently have 11 rentals (9 sfh and 2 commercial buildings) i only have 6 mortgages.
Heres my issue... every single time i try to finance a property i have to jump thru major hurdles taking 3 months and recently even denied a loan.
The part i dont understand... im a multimillionare, i have a healthy 7 figure balance in the bank. my rentals are all occupied and leased. i own 4 properties free and clear, i have a healthy DTI. i have a 750 credit score. i spent many years getting here after being told no for many years.
Why on earth does underwriting kick out a loan? why do banks drag out a loan for so long i lose the deal?
real advice is appriciated..
Gary