Trouble Refinancing Help!!!

[Eric Malone]

Hey Guys, need a little help. Im in the refinancing part of my Brrrr but what im running into with a couple banks and credit unions is because my property is now a investment they wont let me refinance because its no longer my primary residence. So now im lost on what to do. Is there anyway around this. I have one loan officer say i just live there and he will push it through but i feel that would be fraud. So can you guys give me some advice. 

I currently have it rented at 2200/month. My payment is 1300/month @ 3.5% interest rate. Loan amount is 205,000 Appraised at 338,000. Looking to pull my money out but im being told because i dont live there they cant do it. And ive talked to 3 banks and 2 credit unions. I have a deal on the table that i want to jump on but need that cash out!!! Help  

[John Silva]

Hi Eric, 

I know I'm late to the party but Bay Coast Bank is a portfolio lending bank. They have branches in New Bedford and Fall River. Good luck.