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refi limit to 4 properties in Interest only mortgage

Looking to refiance my 8 income properties to I/O and banks are telling me I have a limit of only 4 can be refinanced, any reason why?
By jmoran538 from MA Oct 7th 2014
Reply

ya, conventional lenders are limited,, you would need a private banking relationship, see more on that product and how it will benefit you at www.superjumboloans.infoalso feel free to email your sceanario to us at info@superjumboloans.info

Oct 7th 2014

Good day. Your property is considered a commercial property. If you need any help with that I am more than happy to work with you and get you a free quote. My email is btaylor@gmcloans.com. Thank you for your time.Brian Taylor

Oct 7th 2014

Oops...I read too quickly and just realized you meant 8 individual properties. Nonetheless I still have a program that may still help you. Again, the quote is free and no credit check is required to find out if you qualify.Sorry about that. Brian Taylor

Oct 7th 2014

I can't help with the I/O option, but at Velocity, we will finance 10 properties per borrower. We only offer Stated Income financing. If you would like to discuss further, reach out to bnapierala@velocitycommercial.com

Oct 7th 2014

This is a secondary market (fannie/Freddie) restriction where they will only allow a borrower to have 5 financed properties ( your own and 4 others). It a matter of risk. Some lenders may allow more as some of the answers are indicating. You might want to explore a commercial loan that could cover all your properties under one loan.

Oct 7th 2014

I hope you found someone as we do loans that allow for that many investment properties but are a division providing mortgage loans in CA only.

Oct 7th 2014

This is only partially true.. Guidelines allow for up to 10 financed properties, however, each lender has an internal guidelines that states THEY will only finance 4. So you can go to one bank, finance 4 and go to another bank and finance the other 4.. This is assuming you find the lender who does not have a 4 financed property limit REGARDLESS of who is financing them. For this reason, your best bet it to contact a local mortgage broker.. since they have access to numerous lenders, they can seek out those lender who will do up to 10 financed properties, basically doing all the shopping for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 7th 2014

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