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Updated over 7 years ago on . Most recent reply

User Stats

9
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2
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Brian Pistone
  • Medford, NJ
2
Votes |
9
Posts

NJ-cash out refi on investment property or equitly line of credit

Brian Pistone
  • Medford, NJ
Posted
Anyone have contact information for a lender who does cash out refinance on investment properties?

We have run into an issue with the appraisal/condo development where our investment property is located. On the appraisal it states that out of 250 total units, 147 are rental units, which is a percentage of 58.8%. Fannie/Freddie will not allow a rental/investor concentration of over 50%. I believe it's called non warrantable.

Or maybe an equity line of credit on investment property?

I have ~10 calls out to my contacts and all the major and local banks; looking for anyone with additional insight.

Thanks in advance.

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