All Forum Posts by: Len Miller

Thank you to all who replied, i appreciate the advice.

I have a condo that I rent near Tampa FL. The unit was bought in cash and is worth approx. $100,000. On two separate occasions (2016 and 2018), I applied for a mortgage so I can use some of the equity to purchase another property and both times was denied. Below is the first lenders response as to why the application was denied.

"Issues identified which make this project ineligible for approval are as follows:

1.A single entity (a real estate company named xxxx) owns 148 of 250 units (59.2%) in the project and operates them as rentals. This far exceeds the maximum allowed ownership by a single entity of 10%

2.The HOA budget indicates that the HOA is not allocating any funds to its reserve account in 2016.

3.Investor concentration at 62% exceeds max allowed of 50%

At this time there is no exception available and the application will be declined."

In both cases i applied for a standard residential mortgage. Are there any other options or lenders that someone can recommend?

Thank you in advance.