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Old 01-29-2009, 02:56 PM
 
3 posts, read 11,248 times
Reputation: 10

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Anyone work for/or know of a bank still lending on investment property? I need a little help finding a commercial bank to refinance two properties that I recently bought with cash.

Background on me and what I need:
Both properties owned less than a year and purchased with cash at prices around 40-50 percent of fair market value with a few thousand in rehab on both. Both are rented now with section 8 renters. One in Florissant and other on border of St. Louis city.

I own 6 other properties that are financed and all cash flow well, and have been investing since 2002. I have a full time job, and own 50% of a pizza delivery restaurant. My credit score isnt great, around 660, but I have no lates, bankruptcies or anything else to scare you off.

I've had no problem financing the other properties after buying them with cash. If your in the business you know of the recent rule change Fannie Mae made going from 10 to 4 properties that they will finance. I got caught holding the bag with these two, as I just seasoning them 6 months until until I could re-fi them.

What I'm looking for is a 70% LTV refinance based off an appraisal and not off my purchase price. This would be ideal but I'm flexible. So is there a bank around here that would port these loans? I tried Commercial Bank of Westport and they are out of RE investment loans, and everyone else seems to say the same. I'm working with Royal Bank now but won't have an answer until next week and I don't get a good feeling they can do it.

How about it??

Side note- anyone interested in a partner in an RE Investment LLC? I have the experience and the contacts if you got some cash and want to make more.
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Old 01-30-2009, 03:12 PM
 
Location: St Louis
1,117 posts, read 2,927,484 times
Reputation: 374
Have you tried Pulaski Bank?
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Old 01-31-2009, 11:14 AM
 
3 posts, read 11,248 times
Reputation: 10
Default Pulaski Bank

Havent tried them yet but I will. Anyone in particuar you know there that works on these kind of loans?
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Old 01-31-2009, 11:40 AM
 
Location: St Louis
1,117 posts, read 2,927,484 times
Reputation: 374
I used to work with them but havent in the past few years. I would just call their number and anyone should be able to help. I used to work for a lender and the guidelines have really gotten strict. I believe when I left you needed a 700 fico for an investment prop at 70%
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Old 02-02-2009, 05:15 PM
 
3 posts, read 11,248 times
Reputation: 10
Great thanks. I'll give them a try
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