All Forum Posts by: Matthew Smith
Matthew Smith has started 1 posts and replied 1 times.
Post: Refinancing Condo in Building w/ 50%+ renter/owner ratio
- Washington, DC
- Posts 1
- Votes 0
Hello Everyone,
I am new to the forum, but a long-time listener of Bigger Pockets podcast. I can't believe it took me so long to join the forum. There's a lot of great information here that will help me become a better real estate investor.
For my first post, I would like to attempt to tap the collective wisdom of the forum around an issue I'm running into while trying to do a cash-out refinance on an investment property. The property is 1 of 24 units in a low-rise condo building in Washington, DC. The building has approximately 60% rentership and all lenders I've spoken with have a threshold of 10%.
I understand from the lenders I've spoken with thus far that any lender who will ultimately sell their mortgage onto Fannie/Freddie has this requirement. I'm interested to here if anyone else has encountered the same issue and if anyone has identified a solution.
For example, would it make sense to approach Credit Unions? Are there other types of lenders that may help me around this issue?
Many thanks for any and all input!
-Matt Smith