Both units are rented, and I have spoken to banks regarding a line of credit to use towards the purchase of another property.Community banks so far are not interested in giving a line of credit, but have offered refinancing options instead.My current rate on the property is 3.75%, so I'm not eager to move to a significantly higher rate (5.25%). 

Hi, has anyone used Texas Mortgage Pros for refinancing?  

keep in mind NO HML reports to your fico.. so there is never a risk of credit ding.. and foreclosure same thing that would never come up on your credit from a HML or private lender.the reason HML don't report to fico is we ALL have bad loans and once you report a late the chance of your borrower refinancing just went out the window.. if you take on FICO as a lender you MUST report 100% of your files. so its just NOT done in the HML world.. 

We got the hard money, and then refinanced the house once it was renovated to a standard that was acceptable to a conventional lender.  

Loan summary:126k appraisal I was able to get 73% LTV based on refinancing a second property at the same time. 

Hey BP family I have a quick question. I have a rental I own free and clear and I wanted to refinance to buy another property. I wanted to refinance with a hard money lender but the the amount of the rental was too lo...

I’m thinking about building apartment complex in phases mainly due to finances.Question re refinancing.

I checked with the bank to see if I can refinance to get some of my initial investment back and he (this bank btw works with a lot of investors refinancing) told me I cannot and it would be very difficult because this type of property does not comply with Fannie May  and Freddie Mac. 

If the terms of the mortgages were refinanced into 30 year AM (amortization) the P&I (principle and interest) payments would appear much lower and hence the resulting cash flow would be much higher when they (lenders) go to calculate your cashflow for DTI or debt service coverage purposes.This also could be an issue with how you file your tax returns for all of these 15 doors or a combination of the above.Either way its really easy to fix.

After about 2 or 3 years I refinanced the property and not only lowered my interest rate but also got enough proceeds to pay off the seller loan.