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Updated almost 9 years ago on . Most recent reply
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- Investor
- Saint Louis, MO
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Can you refinance a loan that covers three properies into one??!
Hi BP users!
I have a question about refinancing. So right now I'm looking at using a private lender to lend me $330,000 to cover 100% of my costs for 3 Condo units I plan to rent out. The payback method is essentially paying an 8% interest on it for 25 years and at the end of the 25 years I have to pay back the the full principal of $330,000. I want to refinance after a year or two which the lender said is OK.
my question is....will I be able to get a conventional lender or bank to refinance this $330,000 loan (assuming I have 20-25% in cash to put in as equity) as one 30 year conventional loan? Does it matter that the loan technically covers 3 different units?
Thank you for your help!!
-David