Buckeyesfan, Home Owner in Memphis, TN

Bought investment property in 2005 that we rent out to tenants. Have great credit, positive cash flow and want to refinance this prop. in tn.

Asked by Buckeyesfan, Memphis, TN Tue Oct 25, 2011

8 townhomes, one house. Put 20% down on property in 2005, but with economy unsure as to the value of it now. In 8.25% loan now and would like to get it as low as can, but want to get a fixed loan. We just want to lower our payments and overall interest paid on this loan.

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Michael Bell…, Agent, Memphis, TN
Wed Oct 26, 2011
With Fannie Mae stepping in with rules, policies and procedures, the investment market isn't quite what it used to be. Although Fannie Mae says you could own up to 10 properties with no problem, according to lenders I work with, most lenders/investors (big banks/institutions) have overlays that put the maximum number of properties mortgaged at 4. They generally won't finance or go over that number financed. You may find an institution that will, there area always exceptions. As for switching to a form of commercial, you may find that policies, terms and conditions might be significantly different and not satisfactory for you.
If I can assist you in any manner, or perhaps point you to a lender or two to talk with, feel free to contact me.

Michael Bellaire, Broker, ABR
(901)287-8349 (mobile)
0 votes
Annette Levi…, , New York, NY
Wed Oct 26, 2011
If your investment is on one deed then you will need 25% equity to refinance.
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Oct 26, 2011
Is this one property that contains 8 townhomes + a house... or is it 8 different town homes + a house you own?

The first would be for commercial financing, the latter would be residential.
0 votes
Maggie Armst…, Agent, Germantown, TN
Tue Oct 25, 2011
Hello, Please give me the address of the property you are concerned with and your contact info and I will be more than happy to let you know the current market value of your home by way of a comparable market analysis of other homes in it's vicinity. You should definetly think about refinancing if you can! Smart move! Please let me know who else I amy assist you.
Your Memphis Area Realtor
Maggie Armstrong
Keller Williams
0 votes
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