Updated over 5 years ago on . Most recent reply
Multifamily refinance question
I have a property that I am excited about and I believe will appraise for 1,050,000 after $100k of rehab. I have financing in place but at a high rate of 11%. I will be 750k all in and hopefully this 7plex will appraise at $1 million plus.
What is the likelihood of a bank refinancing this deal at 75% LTV ? Can someone please recommend a bank to me that can do a reasonable term? its a 7plex in Phoenix and in a ok area.
Any recommendations are appreciated!!
Most Popular Reply
Not enough info. Are you saying you have hard money available at 11% but are looking for more conventional financing? Generally, conventional financing looks at debt-to-income so you'll have to have enough income to service such a large loan. Maybe a local bank will take the risk on you to give you a personal loan, but it still won't be a conforming loan.
That's my two cents. Hope it helps.