Getting a Loan After Claiming Loss on Taxes

[Elex Price]

Me & my business partner are in the process of attempting to refi a property we own to pull cash out to acquire a multifamily property. One of our lenders pretty much told us that it may be hard for us to get a loan because we have claimed losses on our business and banks like to see profit. 

Has anyone been in this situation before and what did you do as a work around to get approved?

[Shaun Weekes]

Originally posted by @Elex Price:

Me & my business partner are in the process of attempting to refi a property we own to pull cash out to acquire a multifamily property. One of our lenders pretty much told us that it may be hard for us to get a loan because we have claimed losses on our business and banks like to see profit. 

Has anyone been in this situation before and what did you do as a work around to get approved?

 Fannie and Freddie will accept 1-year tax returns in most cases. Certain line items can be added back so you might be able to qualify even if you have shown a loss. You should have a Loan officer or Broker go over your 1040's (all schedules) to see what you qualify for. Also, if you haven't completed your taxes yet this year you can have an LO or Broker go over what you need to show in order to make it work.