All Forum Posts by: Pedro Florentino

I'm also looking to invest in Las Terrenas, headed down next week to look at some vacation/investment rentals.  I strongly believe this area will be the next big draw for the DR.  The government does however, want to limit growth to preserve the nature, and maintain it quaintness. This is a good thing for smaller investors; we wont be competing against large hotel chains and resorts.  It's also good for tourist who don't want to be in over crowed resorts.  At the moment there are no direct flights to Samana Intl airport from the US, only EU and Canada.  Beginning June 6th flights to Samana from Charlotte will begin, I believe this will be the start of the boom for Las Terrenas and the Samana peninsula.

Thank you all for comments and advise; I've started talking to other lenders.  It just doesn't appear right that Aimloan can bi-pass federal guidelines.  Aside from the short term lose of rent due to vacancy at the beginning of COVID and request for the minimum 3 month forbearance period I have never been late on payments.  I'm a stronger borrow with 800 credit score, and six figure income.  Another lender will be more than happy for my business.  Thanks again all, happy investing.  

I recently applied for a cash out refinance with Aimloan for an investment property currently serviced by Aimloan.  Back in May 2020 I requested a forbearance due to financial hardship associated with lost rents.  I restarted payments in September and after 4 consecutive months of on time payments I requested a refinance.  We got to the last mile of the refinance process and was notified that because I took a forbearance I was not eligible and that I need to have 12 monthly payments in order to qualify.  Considering that my loan is backed by Freddie Mac and if covered on the federal guidelines which state, 3 months of on time payments I found it contradicting to federal guidelines.  Is Aimloan violating federal guidelines by denying my loan based on me accepting a forbearance? I like to hear your feedback.  Thanks

Does anyone have a work around for cash out refinancing investment property without the 6 months reserves requirements for all investment properties? here is my problem. I have a condo with sufficient equity to tap into for cash. The problem is that I also have 6 other investment properties, Fannie Mae guidelines requires that I hold 6 months PITI reserves for all investment properties in order to refinance. The total reserves required comes out to 80K or more, unfortunately I don't have this amount sitting in my bank account. Can anyone suggest another idea on how I can get cash out without having to sell the unit?