I've been an active RE investor for several years now in the Atlanta area and currently own 7 single family detached rentals. Each property is mortgaged and has a fair amount of equity at this point. I'm looking to cash out refi, but lenders are taking issue with my personal income. All of my rentals have been cash flow positive since we took ownership and my vacancy rates are sub 10%. I can show upwards of 5 years history on almost all rentals. Finally, I have 6+ mo cash reserves for all rentals. In the past, I've not had any issue getting investment loans and found it somewhat odd they are looking so closely at my personal income, but so far this has been my issue.
Does anyone have any recommendations for how I can go about finding a lender that will work with me based on the equity and cash reserves I have?
Are these in your own personal name or an LLC?
@David Greene I would talk to as many lenders as you can everyday until someone says yes because alI you need is one. When I was out looking for lenders for one my current apartments, I called 5 different banks until 1 said yes. I got a list from Google and these were a mix of banks and credit unions. This is another reason I defer to MFR's because there is more emphasis on the property performance like what you have shown vs. your personal income with the SFR's. Best of luck and start calling away!
Try Art Wood at Goldwater Bank. Fannie Mae rental product need 6 months of reserves and good credit. Home must appraise for 100k or more.
@Stan Sugarman Thanks for the suggestion!
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