Needing to Refi a Construction loan to a Conventional on a residential subdivision o completed.
Located in NC and trying to find a lender that I can refinance a construction loan on a 20 unit subdivision. Property is 100% rented, owe 350k on the note where the property just appraised for 1.2
[{"id": "ghs61wm", "text": "FNMA conventional should have you covered if it\u2019s a straight rental program. Will need to go through a DUS conduit to do it but it will get you best rates &amp; proceeds", "replies": [{"id": "ghs6830", "text": "I\u2019ve got a total of three subdivisions that I\u2019m looking to refi but I can\u2019t seem to find a lender. Construction Loan is a variable rate at 6%", "replies": [{"id": "ghs8egy", "text": "FNMA should be able to do them crossed for like 3% variable (depending on tour credit and asset location) if they\u2019re stabilized. Small balance but like Arbors DUS team should be able to do it.", "replies": [{"id": "ghs8r7k", "text": "Yes credit is mid 700 so that shouldn\u2019t be a issue, on all three subdivisions I owe a total of approximately 700k while the appraisals are close to 3m. I\u2019m in the process of trying to purchase another subdivision that was foreclosed on", "replies": [], "depth": 4}], "depth": 3}, {"id": "ghsqi47", "text": "What's the problem?  Why do you want a conv loan on the one parcel? Is your construction loan not releasing the lien?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ghsg1v7", "text": "So its a development note on a subdivision that has how many rented units versus lots left? If its 100% developed I'm not sure how you have $350,000 left and was the original plan/underwriting for rental units or were they specs converted to rentals?", "replies": [{"id": "ghsgydx", "text": "Yes the original plan was Rental Properties and it\u2019s 100% developed. Original the property was an old Industrial Mill and we had to get it rezoned to residential as  well as obtain permits for the demolition. The bank is a local Tribal Bank for the Lumbee Indians and that is the only product they offered.", "replies": [{"id": "ghsihvz", "text": "So it's actually a 20 unit multi-family property not a subdivision? If so its makes your options much broader.", "replies": [{"id": "ghsiqoz", "text": "There is 20 lots with a house on each!", "replies": [{"id": "ghsj0yg", "text": "So you have 20 single family residential rentals with (any debt on each?) a $350,000 note left on overall property?", "replies": [{"id": "ghsjghg", "text": "Yes there\u2019s a 350k note left on the overall Property", "replies": [{"id": "ghsjvwk", "text": "But is there debt on the individual 20 SFR properties?   What property rights are securing the $350,000 if the \"subdivision\" is completely developed?  It sounds like the you might have a release fee issue where there wasn't enough paid down on the development note for each of the individual SFR takedowns...", "replies": [{"id": "ghsk46m", "text": "There is a 4500 sq ft office on site as well as multiple shops, that\u2019s what the construction loan was based off of initially", "replies": [{"id": "ghslo9i", "text": "So the 20 units are immaterial to your remaining $350,000.  You have 4,500 square feet of office space and however much industrial that recently (what is the date of said appraisal) appraised for $1.2 million?", "replies": [{"id": "ghsqrs0", "text": "half a story everytime.", "replies": [{"id": "ghssr8r", "text": "The deal is always hairy isnt it", "replies": [{"id": "ghsvict", "text": "If it wasn't hairy, you couldn't charge a lot.    \nI always say that we get paid to put up with bullshit.  The trick is being efficient at shoveling it.", "replies": [{"id": "ghsyz2s", "text": "Yeah all my deals are hairy in one way or another which sucks but clients wouldnt come to me if their deal was easy", "replies": [], "depth": 13}], "depth": 12}], "depth": 11}], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ghsimf5", "text": "Yes but it\u2019s 20 separate units", "replies": [], "depth": 1}, {"id": "ghsjnma", "text": "How do you have 20 individual houses and have trouble getting $350k... this just doesn't make sense to me, different markets/missing information...?", "replies": [{"id": "ghsjxqr", "text": "I don\u2019t have trouble obtaining 350k.. I only owe 350k left on the construction loan(the property). I\u2019m wanting to refinance with a different lender", "replies": [], "depth": 2}], "depth": 1}, {"id": "ghskesc", "text": "Freddie and Fannie products are fire right now. I go thru Merchants Capital and their customer service and expediency is excellent. Good Luck!", "replies": [{"id": "ghsklih", "text": "Thanks for your insight!", "replies": [], "depth": 2}], "depth": 1}]