Purchased a 3-family in NJ w/a $300k commercial mortgage 6/2019.
One unit was occupied at the purchase date. Renovated the other two and leased them beginning 12/1/2019 and 6/1/2020; the original tenant moved out in April, renovated that unit and leased it out this month (9/2020). All rent/leases are verifiable and total over $6k per month.
Does anyone have strategies or ideas and/or reputable contacts for refinancing?
Should I have the house appraised on our own? A similar house down the street is for sale for $630,000.
Will we be able to do 70%/80% LTV based on the rent or appraisal?
Any advice or thoughts or contacts would be great.
Congrats on getting some excellent cashflow going. It sounds like your debt service coverage will be way over what would be required by a commercial lender. Depending upon your credit, you could qualify for up to 75% rate and term financing or 70% cash out financing. I'll inbox you if you would like to discuss further.