Refinancing in Buffalo, NY

[Philip Lilavois]

I am hoping that someone knowledgable on the above mentioned subject will come across this thread and educate me on what difficulties I may run into while trying to refinance my Buffalo properties.

I am hoping, in fact praying, that if you have no insight on this topic, that you will not reply to this post and give me the runaround. Please bookmark and visit later so you can learn something as well.

I have two properties. I paid $15,000 for each. I put an average of $13,000 into each one. These investment properties are in similar condition, if not better than some comps that are going for $45,000-$60,000. My realtor told me the lowest mortgages at the moment are $40k.

I am US ARMY, good income, good credit.

If you know the Buffalo market you would know why I am asking if I may run into any issues. If you dont know the market or distressed markets, please do not reply.

[Chris Martin]

No disrespect, but I'm trying to figure out this post. Sounds like your basis is $28K average in a $45K-$60K market. Most lenders would see this as a positive for someone with good income and good credit. Positive in that the loan to value is low. If the properties you have are "productive" in that they are rented and can sustain themselves, I would think you wouldn't have difficulty doing a refinance. Are the current loans hard money loans? Have you talked to a mortgage broker?