Updated almost 5 years ago on . Most recent reply
Refinancing and new loans after 10 loans limit
Long story short, I have more than 10 mortgages including a primary and it's preventing lenders from working with us to refinance, cash-out refinance or even take out more loans. I know folks on BP own a whole bunch of doors, how do BP Pros do it? Who do you folks work with to achieve your goals? Thanks for any advice. I'm in Northern California.
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@Michael Wong we have in house/ bank/ portfolio loans mostly. We have 3 “conventional mortgages” the rest are “in house”. That means going to a small local bank and talking with the VP of commercial lending or similar and asking about financing for rental property. Since you have so many conventional they should be able to help you navigate the best solution for you. Just understand that the interest rates are higher when you go commercial lending vs conventional and they aren’t fixed for 20 years. It’s usually 5 year fixed then renews at the current market rate when that 5 years is up.
Depends on what your plans are, but that’s usually the best way to scale your business.