Refinance Question - DC Condo
Hello,
Over the last few years, I have inadvertently stumbled into DC rental real estate investing, and now I’m hoping the more knowledgeable folks here can give me some ideas on how to proceed.
In July of 2013, I bought a 2 bed / 2 bath condo a couple of blocks south of Petworth metro. I originally intended it to be my residence, but had to go overseas, and now it's rented out, and has been for the last 4.5 years continuously. Cashflowing pretty well and has also appreciated a lot. I used a 5/5 ARM to purchase. 2.875% for the first 5 years, can adjust up to 2% at each 5-year juncture. The area seems to be really coming up, so I'd like to hang onto it. I have around 35% equity.
Here's the problem: The first rate adjustment is coming up in July of this year, so I thought it would be a good time to refinance into a fixed-rate. However, none of my current banks will refinance a rental condo, only rental houses.
I guess the forum rules don't allow lender questions, but can anyone recommend a way to go about refinancing a rental condo? Really just looking for confirmation that it's possible, as so far every bank I've called has full-stopped me as soon as I said "condo"
Thanks,
Joel