Refi/purchase/convertion of reverse mortgage

[Blaine Johnson]

We have the opportunity to re-purchase my wife's family home in Phoenix. All we have to do is refi/pay off the existing reverse mortgage which then transfers the property to us. We are going to cover this debt one hundred present by renting the property for the foreseeable future, and already have tenants in place. The issue we are running into is this; Every lender we have talked to wants to treat this as a conventional purchase with the loan request being the full purchase price, after saying they are not "conventional". They only want to lend their favorite percentage of our required need. No one is actually taking into account the full value and instant equity of the property vs. the payoff needs, and the fact that the note will be well covered by the rents. Truly a DSCR. We are requesting less than 60% of the market value of the home (440-450k +/-) and it will cash-flow nicely with a reasonable loan.

So here is my offer to any lender willing to take virtually NO risk;
We require a simple note of $250,000 @ 7.5% apr, 30 year amortization with no prepay allowed until 36 months minimum payments made.

This home will currently be our 6th door (and already under our management) across three properties. We are experienced investors and landlords. We just do not have the 50k cash-on-hand or usable equity in our other properties at this time to make this happen quickly.