I own 4 houses cash- what should I do?

[Angad G.]

Hi BP,

I have been working for the past 2 months now to find a commercial lender to refinance rental properties that I own outright in an LLC and have been unsuccessful. I recently put an application in with a mortgage broker and they said they are confident they can arrange finaincing but are going to charge 4 points worth of fees, which I find to be extremely high. All of the local community banks in the area are no longer lending on single family rental properties owned by LLC's as they are overexposed to them. Are there any national lenders or mortgage brokers you would recommend?

Some specifics about my situation:

-Properties appraise between 55K and 90K each for a total portfolio value around 300K

-They are all rented for around $800 a month each

-There is a good deal of forced equity in each property as I rehabbed all of them

-LLC has been in operation for a year and is wholly owned by me

-I have good credit and income

Thank in advance!!