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  

[Allison Dettelbach]

Hi @Eric Malone,  what state is your property located in?

[Eric Malone]

@Allison Dettelbach

Massachusetts

[Sam Horton]

@George Post Might be able help

[Kenny Woodward]

 When I was calling local banks and credit unions last year I called about 30 and only found about 4 that were open to working with investors. Hopefully you can find someone in your area that knows a lender willing to work with investors. Good luck. 

[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. 

[Zach Midwood]

@Eric Malone

Hi Eric, I too am in New Bedford MA AND I have a contact at BayCoast Bank and Northpointe that may be able to help. Send me a message and I can forward you their contact info.

Zach

[Gualter Amarelo]

@Eric Malone where do you live?

It sounds like you have been talking to residential lenders.

The commercial rate will be a little bit higher, but a commercial lender should be able to refinance assuming you've held the building for 2 years they typically will lend 65-75% LTV

If you are in the souther Massachusetts market I can refer the best lenders in the area.

Cheers to your success!

[Gualter Amarelo]

@Eric Malone sorry, what part of MA?

[David Kazarian]

@Eric Malone

I have some lenders that will do a cash out refi in MA but your interest rate is going to be higher because it is hard money. If you're interested reach out.

[Nicholas D.]

@Eric Malone

You have to do a little shopping but there are plenty of banks in Ma that will cover your refinance. I have done refinance in non owner occupied 4 unit buildings through residential lending through Rockland Trust. I actually did (2) separate refinances within the last 4 months, fixed rate 30 years. I have many friends that have used Baycoast as well. You have a lot of suggestions here on the forums. Reach out if you have any questions and let us know how you made out.