Possible to Refinance Three Single Family Homes at Once?

[Jacob Allweil]

Hi All, 

I just bought three properties from a couple going through a divorce, through seller financing, and thinking about my options going forward.  I was thinking of refinancing to pull my money out plus some extra (hopefully).  I'm wondering if people have had experience refinancing multiple single family homes at once.  I've called a couple places but no luck... yet.  I don't know if this is possible or if it would even save me time but curious if anyone had experience in this realm.  

Thanks, 
Jack 

[Sasha Mohammed]

@Jacob Allweil, if you have the ability to qualify with income through traditional financing methods, this will be your best option as far as cost is concerned. typically traditional mortgages have the fees paid with lender credits, meaning you often don't have to pay much out of pocket (usually just the appraisal). Of course, it all depends on how the deal is structured with your Loan Officer, but it gives you better rates and typically less fees. Time, on the other hand, is a different story. Lots of paperwork for traditional financing, and a ton of scrutiny by underwriters as they pick through your financials. 

if you're looking for loan options which are quicker and less cumbersome to obtain, commercial lending is the way to go. although it's a trade-off between cost and time. typically commercial will offer higher rates, higher fees, and odd-ball terms like prepayment penalties and sometimes balloon payments (so be aware as you shop). But commercial is an excellent option for investors who write off all their income or simply don't want to waste the time duking it out with an underwriter. 

I suggest you reach out to a broker who is comfortable not only with traditional mortgages but also commercial. They could look at your paperwork and determine the best route for you and your situation specifically.