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I have two 4 plex's (seperate titles) valued at 440,000.00 with a 7.5% cap rate. Currently at about a 55% LTV at 6.65% interest rate and would like to re-finance at 80% LTV. Credit Score is Excellent 750 etc.Also on same complex commercial property valued 750,000.00 at 5.25%. Possible re-finance?These properties are in Ellensburg, Wa. 98926. If you think you can help with decent fee's contact me via email to kenbenesh@msn.com by ken_870_581 from Ellensburg, Washington. Dec 12th 2011 Reply


Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

You may be limited to 75% loan-to-value on your 4-plexes. Is this possible? Regarding your commercial property that's a pretty good rate already. I will check and see what we may be able to come up with. Thanks!Paul

Dec 12th 2011
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Ken It would help to have a little bit more information. Is the $440,000 the value for both the 4 plexs, or is the value on each?Looks like it would be possible to get you down a ways in interest, based on the information provided so far. I might also have a referral for the commercial property - though I doubt they can beat the rate you have on that.

Dec 12th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

the 4plex is limited to 75% LTV... on the commercial property, 5.25 is a smoking good rate, so I would leave that one alone... contact a local mortgage broker, not a bank and apply with them... they have access to numerous lenders and can match your particular scenario with the right one.. WilliamAcres.com

Dec 12th 2011
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Jeff Cost (midwestlender)
#40 ranked lender in Ohio - 164 contributions

I can & will help you. Jeff Cost 513-403-6260One the 2 Four families. You indicate separate titles. With that I would assume that they are not part of a real complex. To be even considered for a commercial apartment mortgage there must be more than 4 units. A couple of lenders used to permit less than 4 unites if two properties, like this case, total more than 4 units. However the properties had to be absolutely on adjoining lots with nothing else (built or otherwise) between the buildings except possible easements and even there, depending on the type easement, could be a go or no go. If that is not the case they have to be treated as residential. Other guidelines are in general $400,000 minimum variable rates starting in the high 5's90% rent up history for past 12 months.No more than 10% at date of application and date of sale.Cap rate minimum (loan to income) 8%DSCR 1.25 minimum75% max ltv. So if you can get me a little more info I will pursue it for you. =============================================================================== On the commercial property. Need to know what type of property it is.Is any of it owner occupied.Is this a cash out.Is a balloon coming due and is that why you are looking at a refi.The current interest rate is way better than today's rates on a deal this size. So let me know a little more about the property if you are interested.

Dec 14th 2011
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