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.
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 , @Jon 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.
@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.
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.
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.
@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.
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.