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Updated over 4 years ago,
Bank that portfolios investment properties? Cannabis issue.
Hey ya'll!
I am in a sticky situation and looking for some advice. I am in Portland, Oregon. I just tried to refinance two of my investment properties. Both properties have the tenants growing cannabis growing in them. I have refinanced both of these several times in the past and it's NEVER been an issue with the appraiser. They haven't mentioned it on the appraisal.
This time, though both appraisers mentioned it subtly. One of them thought it was ok to as Cannabis is legal in Oregon and he didn't know. Anyways the underwriter denied the loan 6 days before closing.
My bank said they would assign the appraisals if I could find another lender to service them. Sometimes banks will take properties into their own portfolios which have different guidelines than Fannie and Freddie. So I'm trying to find a lender who will take residential investment properties into their portfolios. All of the credit unions I have called do not. They only take PRIMARY residences or commercial which means higher rates and issue w the Fannie/freddie again.
Does anyone know a bank or lender who will? And/or might take my appraisals?
I'd prefer to go this route first vs having my tenants clear all of the plants out and having to do the entire appraisals all over again.
I'm guessing I need to find a bank in Oregon or someone who is licensed to loan in Oregon.
Thank you for ANY help!
Warmly
Robin