Does anyone know of a lender that will refinance an investment prop in Bushwick? Condo is >50% owned by one investor so traditional financing not available. Property has good equity in it and has been renting profitably for several years. Looking to do a cash out refinance but have not been able to with traditional bank because of Fannie/Freddie guidelines. Any leads would be much appreciated!
Lender · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
6y
@Jack Elum This is going to be considered non warrantable not just by Fannie/Freddie but pretty much all portfolio, commercial, and other non conventional lenders. (would love to know if someone else could chyme in with something I don't know). You can definitely still secure a loan but the max LTV would likely be 60-65%. Does the cash out refi still make sense at that LTV?
Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
6y
Grove Street? First Republic, Woori, Santander, Investors all look to have done deals in the building within the past couple of years so I'd probably start there.