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Alpha Beta
Lv 7
Alpha Beta asked in Business & FinanceRenting & Real Estate · 1 decade ago

Best method to refinance a rental property?

We own three waterfront condos in a small association of 12 units. Located in upscale neighborhood of luxury homes. We've never had a vacancy, but we would like to refinance one of them. However owning 3 of 12 units, we've met with lenders invoking a rule that only a certain percentage of units can be non-owner occupied. They are well maintained, we have long term leases and always had quality tenants. Loan to value ratio would be about 85%. The value has gone up since we purchased 2 years ago (not down). What options are there out there to refinance?

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  • Sharon T
    Lv 7
    1 decade ago
    Favorite Answer

    I don't think you are going to find a lender willing to go up to 85% LTV on rentals. If you own the home you live in yourselves, that would be your best shot to refinance but even there you can probably only go to 80%.

    It's a grim refi market for non-owner-occupied properties right now.

  • petitt
    Lv 4
    4 years ago

    an aprrasor can in all threat inform you that still. yet i might seem interior the newspaper & see what different homes in ur section are renting for & then upload or subtract for centers you do or don't have which they do..

  • ?
    5 years ago

    Rent To Own Homes : http://renttoownhome.uzaev.com/?bSXs

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