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Updated over 15 years ago on . Most recent reply
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Too many investment prop loans
Years ago after a divorce and losing my own home, I began investing in real estate, both apts and single family homes. Since I was single, I rented and lived very simply. Now things have changed and I'd like to buy a home, but can't. I have good credit and assets, but have found I have more than ten (11) investment property loans. I own a small office building and that does not show up on my credit report. The SFRs (out of state) I have all show up, and I set up an LLC but the lender will not allow me to reregister these loans (even if I change property title to my LLC and risk them not implementing the due on sale clause). I have tried to sell 2 of the properties but of course would have to sell at fire sale prices.
Will any lenders consider me, even at a higher rate?
Can I move any of these loans to a corporate LLC? Seems no one wants to refi anything.
This was ignorant on my part. Any ideas, short of selling at a loss to get these loans off of my credit report? Any thought are appreciated. Thanks,
D