Quote:
Originally Posted by photon
They see the line of credits as revolving (which they are), so when they're doing their debt service ratio tests they use either a portion or the full available amount.. I can't remember exactly.
We were trying to refinance one of our 4plexes to pull some cash out to do some stuff with and that's one of the issues we ran into.. though I don't know if it's the biggest one, our corporate structures were also an issue as well as the # of properties.
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Ya, I suppose its a little different everywhere. I was just thinking back to a car dealership a few years ago when the finance manager told me that they didn't count mine as a mortgage. I laughed because I definitely do, but whatever they want to call it was up to them. Obviously its a little different as they just want to move cars one way or another, but a strange position I thought.