Updated over 9 years ago on . Most recent reply
Slow lender
looking for advice. applied for 5th and 6th mortgage from conventional Fannie/freddie compliant lender. been 3 weeks. called and was told should be no problem will have answer for you shortly. that was 1 week ago. no call, no email. Well established lender in area. He ran my scores and passed, but was so close that with the inquiry, my mid score will fall just below the 720 Fannie requirement for those first 10 mortgages if I go elseware currently. Excellent job income. 8 cash flowing properties. Savings, I am a pretty low risk. What gives?
Should I give up on this conventional stuff and dive into commercial loans? We work hard. I would much rather be rehabbing my next unit than typing on this computer. I am trying to be patient, but 2 or 3 units a year is all I can do at this rate. I need to get these last 2 units refinanced and move on. Just feel like I am missing something or doing something wrong. Would like to avoid hard money. Prefer to buy distressed for cash and BRRR. Advice in this area would be greatly appreciated.
Thank you all