Posted on: 25th Aug, 2010 12:12 pm
glad I found this site. Hopefully, someone will be able to help me.
as stated in the subject I am a seasoned property investor as well as a Mechanical Engineer with a $80k W2 income.
I've been in the rental property business for 10+ years. Credit score is about 735-800.
I've been buying distressed properies, foreclosures, etc for years on my HELOC. Fix them up, rent them, then cash out refi to get my $$$$ back. Well I just finished one up and CAN NOT GET FINANCING. Everyone tells me I have too many Fannie/freddie loans.... currently at 10. The net worth of my properties is $1.8M. Have always had a credit score of 700+. Was actually 849 only a year ago, has gone down a little because I ran my line up on the latest project. My tax returns reflect my rental income, but are fluffed a little to avoid capital gains (i know that's hurting me). I've been in the rental Biz for 10+ years, know what I'm doing and it works....... But I can't seem to find a lender that will do business with me.
Any thoughts on lenders that are willing to work with me? BTW, I'm from the Albany NY area.
Any help would be greatly appreciated.
as stated in the subject I am a seasoned property investor as well as a Mechanical Engineer with a $80k W2 income.
I've been in the rental property business for 10+ years. Credit score is about 735-800.
I've been buying distressed properies, foreclosures, etc for years on my HELOC. Fix them up, rent them, then cash out refi to get my $$$$ back. Well I just finished one up and CAN NOT GET FINANCING. Everyone tells me I have too many Fannie/freddie loans.... currently at 10. The net worth of my properties is $1.8M. Have always had a credit score of 700+. Was actually 849 only a year ago, has gone down a little because I ran my line up on the latest project. My tax returns reflect my rental income, but are fluffed a little to avoid capital gains (i know that's hurting me). I've been in the rental Biz for 10+ years, know what I'm doing and it works....... But I can't seem to find a lender that will do business with me.
Any thoughts on lenders that are willing to work with me? BTW, I'm from the Albany NY area.
Any help would be greatly appreciated.
Hi davidkirchhoff!
Welcome to forums!
As you have quite a large number of properties in your name, lenders are not ready to work with you and give you a mortgage for a new property. Fannie Mae allows loans up to 10 properties now. As you already have mortgages on 10 properties, you won't be able to get loan on a new one.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have quite a large number of properties in your name, lenders are not ready to work with you and give you a mortgage for a new property. Fannie Mae allows loans up to 10 properties now. As you already have mortgages on 10 properties, you won't be able to get loan on a new one.
Feel free to ask if you've further queries.
Sussane
so this may force me to sell some of my single family rentals and procure large units. Which is against the grain of my business model. Single family homes are easier to rent than multi unit, easy to keep rented, appreciate faster and are easier to sell when the time comes. so I could sell 5 of my single famlies and pick up one 5 unit or more. That will reduce my loans by 4 and I can pick up 4 more loans on other properties. THIS IS A STUPID RULE. You'd think it would be $$$$ dependant, not # of loans dependant.
Ok, enough venting. I'm not selling my single famly properties. So now the next question is what NONE FREDDIE / FANNIE lenders are out there with competitive rates.???? there has to be something out there for me. What are other investors doing??
Ok, enough venting. I'm not selling my single famly properties. So now the next question is what NONE FREDDIE / FANNIE lenders are out there with competitive rates.???? there has to be something out there for me. What are other investors doing??
I don't think you will be able to get any help in this regard as you do not meet the required criteria of Fannie Mae or Freddie Mac.