Refi for investment property? (loan, interest rate, real estate, credit)

[ndabunka]

My family has investment property in Myrtle Beach, SC and we are interested in refinancing it but the real estate brokers are saying that NOBODY is getting financing on the property we own. This is due to part of the building (top 3 floors of a 16 story building) are "time share units".

We owe less than 70% of the current market value. This value is lower than what we paid for it but that is not the issue here. The question is...are there any lenders that are willing to lend to someone with perfect credit (800+), 70% equity and no other debts? Both the car and primary home have both been paid off for many years now.

The reason I am looking at a refi is in an effort to benefit from the reduced interest rates. The current rate is around 5.75% for 30 years and are some 8 years into this particular loan. I recently refinanced a primary home for right at 3.25% for 15 years so want to find something similar for my mother-in-law that will help her reduce her annual cost for that investment property.

The existing loan is with HSBC and it WAS taken out in 2004 (so it is before the magical 2009 date). HSBC doesn't loan on these types of properties any longer so having a no docs, quick and easy refi doesn't seem to be an option. Any ideas on this board?

[ndabunka]

Just back on here for another issue and noticed this was still out there. We actually owe less than 50% of the value and were able to obtain a 1.99% rate for a year that then changed to a 2.99% rate so it WAS possible and worked out well...for us.