Refinancing a Private Loan, having problems

[Andrea Shields]

I have a private loan, 15%, on one of my homes that was cross collateralize with another home. This was supposed to be a short term, organize and get out. I am trying to refinance into a lower rate/term and I am having a very difficult time getting this done. Is there anyone out there that can offer any suggestions, a lender maybe that you have used that know what they are doing. I have gone through getting appraisals etc and my market (Lee County Florida) is doing very well so values are up but my lender is unable to get this done.  Thank you. 

[Shaun Weekes]

OK so if you were able to qualify for a 2 conventional loans you would be able to get 75% on each home if owned for more than 6 months.

That's 112,500 and 97,500 respectively based on the values you gave at 150k & 130k

The problem that you might have is that since it's a blanket loan, there's only one mortgage.  But both homes have liens.  You would need your current bank to send you 2 payoffs.  This way you can refinance both homes concurrently and move forward.

As long as you don't have more than 6 mortgaged homes and you qualify based off of C.I.A. ( credit, income, assets ) this is a straight forward transaction.  Also the homes need to be in your name for a conventional loan and you'll probably need to show a minimum of 6 months reserves.  The reserves will depend on what DU or LP ask for.

I hope this helps and have a nice night.