Need help finding a bank in SoCal to refi a rental with an ADU

Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes

A friend recently shared with me that she is having a really hard time finding a bank who will refinance a rental property that she ownes in Monrovia, California.

The property has an ARV of 650k

She has a first position loan for 84K and a second for 55k

Family income is 130k

She has been told by a couple of banks that because the rental has a second property on it (ADU - 1 bed 1 bath) and it's a rental, that she can't get it refinanced. That doesn't make sense to me, but most of my real estate is in Arizona so I don't have many bank/lender contacts in California.

I would love to hear from anyone with any suggestions to help my friend.

480-206-1209 Podcast Guest on Show #287

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Shiloh LundahlPro Member
OP
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
8y
I am going to invite some of my Southern California colleagues into this discussion for some help. I tried to do it in private messaging but It was shut down as spam. So if any of you could share a contact, that would would be great. Thanks ahead of time: @Brian Gibbons, @Bill Exeter, @Tony Salazar, @Jeff Greenberg, @Peggy Liu, @Jay Dimacali, @Andrew C., @Brandon Brown, @Quan Carpenter, @Aaron Cullen, @Danny Cerecedes, @Chad Brey, @Israel Alcaraz, @Will Barnard, @Christopher L., @Ciprian L., @Idan Cohen, @Matt R., @Terence Wang, @Dustin Rose, @Jeb Brilliant, @Mark Shuter, @Jonathan Minerick, @Jonathan Orr, @Nick McCandless, @Blake La Grange, @Sulaiman Harooni, @Andrew Johnson, @Eric Hyde, @Colin Lee, @Victor Morales, @Christopher Yerikian, @Steven Marlowe, @Julie Phan, @Wei Cho, @Vinci S. and @Khoa P. If any of you could give me a good lead on a lender that could help with this refinance in Southern California it would be much appreciated.
480-206-1209 Podcast Guest on Show #287
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Harjeet BhattiPro Member
Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
8y
@Shiloh Lundahl There are some guidelines which has to met to fund the loan. If its not fit in those guidelines that's where may be she is facing problem. I have send you some information.
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Nabil SuleimanBusiness Member
Real Estate Agent · Los Angeles, CA · Member since 2016 · 596 posts · 299 votes
8y
@Shiloh Lundahl
I asked my lenders and the one I believe can do it is Maro. I’ll pm you her info. She’s also local to your friends property.
[email protected]661-904-1725
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Christopher L.
Rental Property Investor · Kirkland, WA · Member since 2011 · 24 posts · 11 votes
8y
I replied to the private thread, but just in case I will respond here as well. We have refinanced our multi a few times using a mortgage broker. PM me and I can share his contact info.
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Khoa P.
Los Angeles, CA · Member since 2017 · 18 posts · 16 votes
8y
@Shiloh Lundahl - I'll reach out to my lender network and see if they can help. I'll PM you once I get an answer.
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Shiloh LundahlPro Member
OP
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
8y
Thanks @Christopher L., @Khoa P., and @Nabil Suleiman, for responding. I’ve sent her a few contacts that I have gotten so far this morning. She is going to start making some calls.
I welcome more referrals.
480-206-1209 Podcast Guest on Show #287
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Kevin FoxPro Member
Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
8y
Hey @Shiloh Lundahl
Do you know if the ADU is permitted? If so, she shouldn't have any issue. Happy to recommend a few lenders who have done ADU loans for my clients in the past.
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Forest Wu
Member since 2023 · 72 posts · 44 votes
2y
Quote from @Kevin Fox:

Hey @Shiloh Lundahl
Do you know if the ADU is permitted? If so, she shouldn't have any issue. Happy to recommend a few lenders who have done ADU loans for my clients in the past.

Hi Kevin, I know this post is from a number of years back, but would you happen to be able to share some lenders who have down ADU loans before? I would love the help. Thanks!
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