Need help with refinancing a 8 family

[joffor]

Hi, I need help in trying to refinace a 8 family- My mid score is 611, and I owe in $40,000 in c.c., car loans, etc. Is there any programs out there to help me?

[willtygart]

an 8 family unit? if so, maybe the best route will be a commercial loan as not too many residential lenders will go with the 8 unit places. You will want to make sure that you get in contact with someone that knows the multi family loan business and that doesnt always mean a regular mortgagr broker. If you havent tried already with your local bank this would be a good start.

[BizCredit]

most commercial banks are not score based, but rather based on how bad your credit really is.

 

for example, 2 or 3 30 day lates can be easily explained away witha letter addressing why you were late... i.e., "I was on vacation and sent the payment as soon as I got back".

 

How much money are you looking for and in what state are you?

[joffor]

I'm From New York, looking to get $180,000. the house was appraised by a real estate agent for $369,900. Thaks for replying!!!

[BizCredit]

Call Astoria Federal Savings Bank, that sounds up their alley...

 

I have PM'ed you a banker there's name and number

[joffor]

Thanks for the name and number, I called him today, but he was unable to help since they only service 60 miles radius of NYC. Any other suggestions??? Thanks!

[BizCredit]

where in NY are you? that may help :-)

[joffor]

Poughkeepsie, Dutchess County NY.

[BizCredit]

do you have a Rent Rol and Expense List, (i.e., setup?)

 

a brokers "appraisal" is not worth much...

 

What did your local bank say?