How Was Your Refinance During The Crash?

[Tony Nguyen]

Hi everyone,

All the multifamily properties I’ve purchased in the past few years have either 5 or 10 year balloon dates on them. For the veterans who were investing in the market and had their loans come due around the 2009-2011 years, how did it go? Did you have a hard time refinancing your loan? What would you do now to prepare yourself for better chances of getting your refinance done should a similar crash happen again?

I'm doing my best to secure my portfolio for the years when financing is tougher and my balloon payments become due.

Thank you in advance!

[Bjorn Ahlblad]

Cash trumps all in a downturn. If you have cash you can almost name your terms. If you are forced to sell or compromise because you are too heavily leveraged your source of funds will turn predatory and gobble you right up.