Cash-Out Refinance on Rooming House in Anchorage, AK!

Hi,

I have a borrower that wants to do a cash-out refinance on a rooming house that they own in Anchorage, AK. I had a lender that said they could do it and after lots of back and forth, they ended up not moving forward with it.

The property is called The Lodge which is a rooming house with a main living room and kitchen area and shared bathrooms. There are 12 bedrooms on the property. They are renting the property short term of varying lengths with a lease agreement with 1 tenant for long-term stay.

Other features include - fridge in each bedroom, coin operated washer and dryer, and each bedroom door is numbered.

The property is zoned residential but the appraiser said that it would be considered a Commercial property because of the title of the property and it's use. The property was renovated recently and the borrower would like to use the additional cash to finish updating the property to it's entirety.

The current loan on the property is $260,000 and the assessed value on the property is around $418,000.

Is there a lender that can do this as a commercial loan? Borrower owns a few rental properties in different locations in the US including AK and has experience with fixer uppers.

Thank you!

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Permalink Reply by WKL David on April 25, 2023 at 6:37pm

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Permalink Reply by David Chen on May 12, 2023 at 3:48pm

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Permalink Reply by WKL David on May 20, 2023 at 5:48am

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