OfflineHello everyone!!!
My father owns 2 properties, 902 and 904.
property 902 currently owes 377k @ a 25year mortgage
property 904 currently owes 359k @ a 25year mortgage
He wants to talk to his bank (Flushing) to refinance property 904 for 377k so that he could inject it directly back to 902's currents dept.
this will raise the dept on 904 for up to 736k and he want to switch the years to be paid back to 15years.
Any advice or suggestion on this current matter, would this be a good choice to have one building free and clear v.s paying 2 off at the same time.
THANK YOU FOR READING!!!
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Any info would be great guys, as we dont want to call and be taken advantage
Tough to give you any input without knowing the particulars. Are these rentals? What's the FMV? What's the cash flow? What are you trying to accomplish?
I'd be happy to help you out, but you haven't give enough information. I'd need to know:
1. What is the value of each property?
2. What rent is he receiving on each?
3. Can he qualify for the larger loans?
4. What is his exit strategy?
5. Does he want to hold then until they are paid off?
6. What is the present interest rate on each?
7. What rate can he get on the new refinance?
You may PM me if you wish so that I can make sure I see your post.