Posted on: 15th Mar, 2009 11:42 am
hello,
i started an llc with my wife and father-in-law and together we have 12 mortgages. father-in-law has four loans in his name alone, my wife and i have three alone, and the other five are in both of our names; with seven under the llc.
we want to refinance six mortgages; one with an arm-not to important right now because the rates are good-,and the other five are all over 7% due to not owner-occupied and having ten or more mortgages the rates increased. we want to refinance these six multifamily homes-all under four units-at lower rates and for 15 years.
we have tried with wells fargo, asc and citi but they all say no matter how they configure it with the members and the mortgages they won't touch anyone with more than four mortgages. even we want to refinance six it limits us due to the 12 or 8 or however they look at it many more than four.
are there any ideas out there for us? maybe forming a corp or another business type will help.
thanks!
i started an llc with my wife and father-in-law and together we have 12 mortgages. father-in-law has four loans in his name alone, my wife and i have three alone, and the other five are in both of our names; with seven under the llc.
we want to refinance six mortgages; one with an arm-not to important right now because the rates are good-,and the other five are all over 7% due to not owner-occupied and having ten or more mortgages the rates increased. we want to refinance these six multifamily homes-all under four units-at lower rates and for 15 years.
we have tried with wells fargo, asc and citi but they all say no matter how they configure it with the members and the mortgages they won't touch anyone with more than four mortgages. even we want to refinance six it limits us due to the 12 or 8 or however they look at it many more than four.
are there any ideas out there for us? maybe forming a corp or another business type will help.
thanks!
Unfortunately... the Wells Fargo, CITI answers are the standard answers now. Until November 08 you could have done up to 10, but everything has changed now. The 4 mortgages are the limit per fannie mae guidelines.
So, your only hope would be a local bank. If you have a small town bank, approach them with your property financials and ask them if they would consider doing a blanket loan on all properties. If you have good equity, credit and cash flow, they will consider it.
If not, find another small town bank...
Keep shopping those type of lenders, otherwise you will probably keep hitting brick walls.
Best of luck!
So, your only hope would be a local bank. If you have a small town bank, approach them with your property financials and ask them if they would consider doing a blanket loan on all properties. If you have good equity, credit and cash flow, they will consider it.
If not, find another small town bank...
Keep shopping those type of lenders, otherwise you will probably keep hitting brick walls.
Best of luck!
Thanks. I don't really understand why they won't. I have twelve mortgages for four to ten years and never missed a payment. Why would they give me so many mortgages and then not let me refinance? One would think that they want and need more loans paid off sooner these days.
We don't really have any local banks. I tried with a regional credit union but they said there is nothing they can do.
I was hoping that maybe we could form a different business type other than an LLC that would allow for more credit but not sure yet. Thought maybe inc might help but don't think so.
Thanks again.
We don't really have any local banks. I tried with a regional credit union but they said there is nothing they can do.
I was hoping that maybe we could form a different business type other than an LLC that would allow for more credit but not sure yet. Thought maybe inc might help but don't think so.
Thanks again.
Guidelines are changing and you should be able to get a mortage. Up to 10 loans I believe.
