All Forum Posts by: Alex Muirhead

I will have a look at more local banks but I did try a few. 

I have about $100k in it at the moment. I want to get $80k out to use as down payments on other rental properties. 

Thanks @Jeff Dulla, 

I will look into more banks but I did look at quite a few last year and the interests got up really high for anyone that would offer the refinance. I tried for a variance but was unsuccessful. 

I am worried that if I try to sell it the new buyers would not be able to take a Freddie/Fannie mortgage on it either because of the "non-warrantable" nature of the over 10% single ownership thing. Is that this case? If not I may just try to sell it. 

Can I just sign it over to my girlfriend then buy it from her? 

Cheers, 

Alex 

Hi All, 

I have a condo which I bought in full, in cash (no mortgage) a few years ago. I tried to refinance last year but due to the fact that more than 10% of the condos in the association are owned by 1 company I am unable to get a federally backed loan (a condition I didn't know when I bought it) and the private loans I received prices for had 9% interest which means the condo would not cash flow. 

It is in a great up and coming area so my goal is to keep the existing condo, but I want to release the capital to invest in further properties. 

I am therefore wondering if I can take a federally backed mortgage, at the lower rates these offer, to buy the property from myslef and release the capital I invested as a refinance is too expensive. 

Any thoughts/suggestions would be much appreciated. 

Thanks, Alex

Your helps is appreciated @Allen Fletcher thank you. 

Thanks @Allen Fletcher, 

One entity owns over 10% of the total number of units within the complex which means according to Fannie Mae (not Sallie Mae) that my condo is inelligable for a loan as shown on the link here: https://www.fanniemae.com/content/guide/selling/b4...

"Projects in which a single entity (the same individual, investor group, partnership, or corporation) owns more than the following total number of units in the project:

• projects with 2 to 4 units – 1 unit
• projects with 5 to 20 units – 2 units
• projects with 21 or more units – 10%"

(I fall in the more that 21 units category) I am trying to find a way to refinance as I already have tenants and the place cash-flows ok. 

Regarding who owns the loan I do not have a loan and I do not know who has the loan on the other condos in the complex. 

Hi, 

@Allen Fletcher what details do you need to know? 

Thanks @Wayne Brooks I will look into that. 

Hi there, 

I am trying to refinance a condo I own free and clear, I got all the way through the process with quickenloans and then found out that as more the 10%of the units are owned by a single entity Sallie Mae et al. will not refinance my loan. I have had the same answer from other banks and lenders too, anyone got any idea how to get around this? I have stellar credit and etc. This is the only thing holding me back.