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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?
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.
California Mortgage New Rules of Mortgage Lending Vol. 2
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