Struggles in Refinancing in Hillsboro OR

[Pragya Singh]

With such a great job demand and soaring property prices in Hillsboro OR, I am surprised I have spent months and months together to look for a bank or lender who can re-fi our 5 plex and duplex. Both have great cash flow and very less vacancy. 

I am wondering if anyone else has experienced this hardship of finding a lender. I either find someone who does only and only residential or others who want to work with only more than a million. 

[Michael Nosbaum]

Hi Pragya,  I wasted almost a year with an online lender.  It's took forever and I'm frustrated by closing costs.  I have single family rentals and have not been able to find a lender that will do a portfolio loan.  Refi-ing each individual property will kill you with closing costs.  

The advice I received and will be trying next is to do HELOC's with a local credit union. The pluses for me are no/little closing costs and no immediate interest payments (I don't have my next purchases lined up). The cons are higher interest rates and lower LTV.