Any luck with the refinance applications

[Rajneesh Jha]

Hi Bigger pockets community. 

I am a landlord based in PA and have a 20 unit multifamily residential property in OH. I also have three smaller MF properties in PA.

I have been facing challenges in refinancing the property. The property is a strong cashflow machine despite COVID-19. I have excellent credit. I have very well documented quick book organized financials for the property. I have provided all the required documents to my OH based mortgage broker in February, 2020. I still dont have any line of sight into when the things will start moving on my application. 

I dont know if my mortgage broker is bad, giving me the run-around or things are still jammed up in the banking pipelines due to the PPP loans and EIDL grants etc.

I was wondering if you have the same experience with your applications. If you have had a better luck, do share with this community!

Thanks- Raj

[Nathan Gesner]

It sounds as though you need a different lender. I have ten mortgaged properties and I'm closing on #11 this coming Monday. I told my lender the property address, purchase price, ARV, and sent them our 2019 taxes because we had just finished filing. I had a preapproval letter in 30 minutes. I had the actual loan docs in my email and ready for signature in about 12 hours. The only delay was appraisal because our market is so busy but I'm still closing within 40 days of making the offer.