Mortgage Broker couldn't help me Can You? - Posted by Doug from Stockton

Posted by youngsterz on July 06, 2002 at 17:44:46:

Two thoughts: 1) Check with other mortgage lenders, because I’m surprised that you can’t find a number of lenders who would love to make a 70% loan on a non-owner-occupied investment property, assuming the financials look OK, and that the issue doesn’t have more of something to do with your own complicated financials (no offense intended!)

  1. You could look into buying them outright with your own cash reserves, then doing a cash-out refinance to pay back your equity line of credit. As the owner, a refinance should be easier than a purchase loan.

Find another lender who is a little more creative. . . .

Mortgage Broker couldn’t help me Can You? - Posted by Doug from Stockton

Posted by Doug from Stockton on July 05, 2002 at 13:01:46:

I just found this forum, you might be my last chance…

My wife and I are in the process of closing on 3 condos in our area. The complex has 220 units of which we own 19. (the additional 3 will give us 22.)

The condos we are buying are the second leg of a 1031, the purchase price is $31,333 for each or $94,000 for all 3. With 30% down with my 1031 funds, I am looking for a loan in the neighborhood of $65,000. BTW my wife and I have FICO scores in the 700s and have low 6 figures of equity in our investments. However…

Here is the challenge…the complex is 80% non-owner occupied. That is the reason why I haven’t been able to get a loan. Granted, I have the equity credit line on my home so I can pay cash to buy these condos outright, so all is not lost, but why use my own, when I can use OPM. My local mortgage broker with 20 years expierence called the other day and told me he couldn’t find anyone willing to finance me. I found that amazing.

Thoughts? Suggestions?