Can anyone recommend a lender who provides loans for investment condos aside the Fannie Mae 51% owner occupant requirement. Here is the situation:
I have a unit in a four plex condo building in massachusetts. 1 unit owner lives on the property. I own unit free and clear. Unit is worth approximately 210K. I’m looking to mortgage the property and take out approximately 120K.
Its been difficult finding a bank to portfolio a condo unit. How can I get cash out on the equity without having to deal with the Fannie 51% owner occupancy guidelines?
Help. Thank you