I have a new build duplex nearing maturity. We have a contract with a buyer but I'm contemplating converting into a conventional loan and holding as rental.

Looking for referrals on lenders familiar with similar situations and can help run numbers for me.

So how are you going to get out of butter contract?

Thank you for the DMs. As expected - we terminated the contract on Saturday so 99% moving forward with converting the loan.

Connected with a lender that offers a "conversion" loan at $0 money down, 25 year term, ~6.875% Fixed. No money down option is very attractive.

Sharing for others "FYI" and if anyone has a better offer

if you are at 75% or lower loan to value you not need money down with any loan. The LTV is all that matters on a refi. Calling it a conversion loan is just marketing as it is just a refi. Any reason for the 25 yr amortization? Assuming good credit, going full doc etc, you should be able to do better then that rate on a 30 yr amortization.

That's the best that lender could do on no money down. Waiting to get a quote from one other.

Why would you have to put money down on a refi? Down payment is for purchase loans, you are looking for a refi. I have been the title sponser to this forum for 20 years and would be happy to give you a quote (would be in the low 6's assuming good credit and loan to value 75 or under) Would just need to know market value and what you currently owe on the construction loan.

Sent you a DM. Thanks!