Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago on . Most recent reply
Suburban/rural SFR rented to 2-families - refinance
I have an SFR I'm trying to cash out refi. However being rural I'm running into challenges with lenders. The house itself is split also to support 2 families and gives great cash flow. What type of lenders would work with this? Thanks In advance for help
Most Popular Reply
#4 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
- 2,757
- Votes |
- 4,876
- Posts
#4 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
Quote from @Saman Pari:
I have an SFR I'm trying to cash out refi. However being rural I'm running into challenges with lenders. The house itself is split also to support 2 families and gives great cash flow. What type of lenders would work with this? Thanks In advance for help
Saman
If the house is set up to support two families, you may have changed the footprint of the house to create internal obsolescence. If it's not a legal 2 unit meaning the zoning doesn't allow for two units, but you've changed the property to support two families, no lender will do the loan. Add rural to the equation and you're going to have a tough time on this one.
Stephanie