Howdy guys, SteveBott you may remember trying to help me get this home out of hard money in 2017, well here's my deal. Our home is under contract, closes a week from today. We will net enough to pay off all our consumer debt and have some cash left over. A unit in our triplex became vacant two months ago so we moved into it three weeks ago after consulting the local lender about a refi as our primary. They currently have it in a 7 yr ARM at 6.2% and up until an hour ago they were sure we would be able to refi it at 75% LTV, 5.5% 30 year fixed. Well now they can't find anyone to fund the loan as a 30 year, but will keep it in their portfolio at 80% LTV, 4.75% 7 year ARM.
Is it impossible to do a cash out refi of an owner occupied small multifamily?
Is it impossible to do a cash out refi of an owner occupied small multifamily?