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Updated over 2 years ago on . Most recent reply

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Terry M Jordan
1
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5
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Trouble getting financed

Terry M Jordan
Posted

I own a property free and clear and need to do a cash out refi to pay some taxes and put into my STR business. My issue is I got days before closing and the bank backed out. The property has a main house, a pool, and a 2nd house. It is on 2 parcels. All of it is on one deed. We pay taxes on it as one thing etc. It is two plots of land, two addresses for utilities. They said the Fannie Freddie guidelines view it like borrowing on two houses and rejected the loan. Ive since spoken with a few other lenders and theyre telling me the same thing. Does this mean ill never be able to borrow against or sell this property?

Most Popular Reply

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Upen Patel
  • Lender
  • Nationwide Lender
801
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1,841
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Upen Patel
  • Lender
  • Nationwide Lender
Replied

@Terry M Jordan Is the physical property straddling both parcels? Or the property on 1 parcel? Is this a new construction or old? You state there is a 2nd house. Is this a 1-unit property or 2-units? What does the appraisal state?

Details are very important in scenarios like these.

  • Upen Patel
  • [email protected]
  • (571) 331-5161
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