Refinancing investor loans

[Dee-Texas]

Hello All,
I'm trying to *fix* my rates on all of my properties. I deal with three hometown banks. One will fix my rates on three properties the others will not. One bank has changed hands and won't loan without 20% down and will not fix my rates, even though I have excellent credit so I'm wanting to move the loans I have there into a *investor friendly* bank.
My question is this: is there a company like washington mutual, ameriquest, wells fargo, etc. that WILL take investor loans and give good rates? Anyone that HAVE experience with these or other companies?
The loans I have are three years old and with equity in the property.
Any ideas?
Thanks to All,
Dee-Texas

[Admin]

Dee,
I've never actually gone all the way through the process with WAMU, but I have talked to them on several occasions about investor loans.  They do several different programs for investors.

I think most lenders are scared of fixed rates for investors right now because of the rate climate.  That's not to say there are not folks who will work with you, but the general attitude is not surprising.  It's been that way for some time now.

If you've got 20% or more equity, I wouldn't think it would be that difficult to find what you want.

Sorry I couldn't be more help.

[Steve in San Fran]

Dee,

I have 4 rentals in the Dallas area which are on 30 year fixed loans obtained locally.  WaMu was the easiest to deal with as they're investor friendly provided you have the personal credit and cash flow to support the loans.  Take your current rent * 75% and see if that covers your PITI costs plus HOA dues if applicable.  If so, WaMu can help assuming strong credit.   My guy in Dallas has told me that there's no limit on the number of loans they'll carry provided my credit and cash flow support them.  They hold a lot of loans in their own portfolio, which apparently is why they're able to do this (avoids the Freddie/Fannie loan cap).

My fixed Countrywide loans were done through a Dallas based broker who's an investor himself.  They actually went through a separate division of Countrywide called America's Wholesale Lender (or something like that) and were immediately sold to Countrywide.   The point here is that the broker did a great job before I found the WaMu option and I'd suggest you shop both routes to find the best deal

Good luck,

Steve

[markrichardson]

I can help you if you are still interested. I work for Axiom Financial out The Woodlands, near Houston. We really specialize in Non-Owner Occupieds. Based on credit, of course, I can get you up to 90% Loan-to-Value on your Non-Owner occupied - Full Doc. Stated income, I can get 75% LTV. Our rates right now are as low as 6.25%.

Shoot me an email if you think I can help.

Mark