1. Direct Fannie Mae lender who will apply for the Fannie Mae CPM exception. This may not be an option for you, as 2 of your 4 units will be investments even after if sell the 4th unit to an owner occupant, and the exception allows only 1 investment unit in the building.
2. Broker who can refinance your current loan with a portfolio lender into loans on 2-3 of the units. With high ownership by one entity, you will probably be limited to ARMs, but it's possible to do.
3. Sell the empty unit. The new owner would be able to get conforming or specialty financing.
4. Once you've sold 2 of the 4 units to owner occupants (seller financing or portfolio financing for buyers), you'll be able to pursue the Fannie Mae exception for the other 2 units.
5. Hard Money is a very expensive temporary solution (points upfront + very high interest). I think you'd do better to refinance 3 units and offer seller financing or allow buyer to get conventional financing on the 4th unit.
Opes Advisors is a direct lender and mortgage broker; we can access all these options for you, or you could ask your current lender to pursue these options.
Travis Hale. Vanguard Properties. Travis@vanguardsf.com. DRE #01343564
I have a lender who should be able to do it. Drop me a line or call me at 415.722.5549
Lance King/Owner-Managing Broker
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
10% doesn't make any sense for a four-unit building. By definition the smallest percentage it's possible to own is 25%. So I'm confused by that.
If anyone has hints on where to find private money lenders (with reasonable rates) please let me know!