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Answers (5)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
TC,
A duck, is a duck, is a duck. Commercial lenders are not going to consider residential 1 to 4 properties. Whether it's 5, 10 or 100.
Bettye,
Any large broker will have access to a lender that can help you.
Happy funding, Rudi
A duck, is a duck, is a duck. Commercial lenders are not going to consider residential 1 to 4 properties. Whether it's 5, 10 or 100.
Bettye,
Any large broker will have access to a lender that can help you.
Happy funding, Rudi
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
"They" say some commercial lenders are allowing people to bulk these up into one or two loans. The rates on them aren't like what they are on residiential, and you'll likely be looking at a balloon payment in 5 or 10 years, but that's the only angle I know of.
It's true that technically Fannie allows for up to 10 financed properties when doing a loan for an investment property (there is no limit when it is your owner occupied property), but I know of no lenders that are allowing for 10 other than Flagstar which, last I checked, was only allowing that on Flagstar to Flagstar refinances. Sadly, doesn't do most of us any good.
Please let us know if you find one (there's gotta be SOMEONE!). It's a very common question in this community and there's nothing worse than having to tell someone they're out of luck.
- Mary Kalabokis, "Cape Realtor Mary"
- Contributions:2
If you have 10 individual mortgages, start with the ones that may be Fannie Mae owned and contact the lender or servicer directly. You can see if Fannie mae owns them at http://www.fanniemae.com/ ... anlookup/ They may be able to do a streamline refinance on your properties with the HARP program. I just did 2 properties with Chase through the Harp program and it was really great. I reduced the rate even though there was a second in place and one property had no equity. Bank of America had the second on one of them and approved the refinance on the first Chase mortgage. I have been working with Chase on a 3rd loan but PNC Bank holds the second mortgage and they are being absolutely horrible about it. I would definately not reccomend PNC to anyone. If you are in the Lee County, Fl area I would highly recommmend Cookie Moldonado at Chase Bank aurilyn.c.maldonado@chase.com.
If you have one line for all 10 houses you will probably have to go to a Community Bank but they seem to be tapped out right now and not doing much lending.
If you have one line for all 10 houses you will probably have to go to a Community Bank but they seem to be tapped out right now and not doing much lending.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
I agree with Christine. I'd suggest looking for a direct lender with Fannie Mae. The big banks may have too many overlays in their guidelines to thoroughly assist you, but a mortgage lender whom is direct with Fannie will probably be a better fit for you. Good luck.
- Christine Whelpley - Welcome Home!, "JustListedinBrevard"
- Contributions:95
I would contact a local mortgage lender in your area to help, they can give you better help and a more personal experience for your refinancing.
I need to refinance 10 mortgages,(2Million) I am a r/estate investor. Please advise
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