48 SFRs & 2 DUPs in TX - Looking to refinance

I have 48 single family homes & 2 duplexes, all within a five mile radius in East Texas. All rented. Estimated value = approx $4.5M; gross monthly rental income = approx $45K. I've had them for several years (seven homes are newly built). They cashflow very well, and I'm looking to refinance them and pull cash out up to around 75% LTV. I owe a little under $2M on them now. I plan to use the cash out to pay off a couple of lot loans and build 5 new homes on parcels we currently own. I will improve cashflow approx $12K/month with my use of cash-out funds. FICO scores 750+. I'm looking for a blanket loan with terms similar to a multifamily loan...no hard money...no up front fees before funding...no BS. The local banks in the area have been great to us and they're happy to finance any new purchases, but they aren't interested in a cash out refinance. If I don't find financing, I'll either sit tight on the cashflow or sell the properties. Any ideas out there???

Edited: 06/26/2010 at 09:54AM

Jon Klaus

Real Estate Investor · Dallas, Texas

2432 posts
48429 Influence
14 Awards

Icon_minipost Oct 01 '09, 11:05 AM

The banks I've talked with won't do something like this now, but there must be one out there that would.

Where in E. TX?

Edited: 06/26/2010 at 09:54AM

B Royston

9 posts
-34 Influence

Icon_minipost Oct 02 '09, 01:08 AM

The properties are in Lufkin, TX. Lufkin is a great place...a small town with big city infrastructure. All the big box retailers and hotel/motel flags have already set up shop there, and the medical infrastructure is world class. It's flanked by two national forests and two large reservoirs...and it's only 100 miles from Houston's Airport. Good stuff.

Edited: 06/26/2010 at 09:54AM

Paul Cordero

· Scottsdale, Arizona

343 posts
242 Influence
1 Award

Icon_minipost Oct 02 '09, 01:11 AM

I am checking with my lenders right now to see if any of them would do this. I work for a brokerage out of AZ, but we are all from TX and approved to lend there. Would you be opposed to breaking up the deal amongst a few different lenders? Let me know if I can help.

Thanks,
Paul Cordero
[EMAIL REMOVED]

Edited: 06/26/2010 at 09:54AM by Moderator

B Royston

9 posts
-34 Influence

Icon_minipost Oct 02 '09, 01:29 AM

Paul
I'm not opposed to anything reasonable.
Thanks,
B

Edited: 06/26/2010 at 09:54AM

Robert Mack

Real Estate Investor · Bergen County, New Jersey

390 posts
2502 Influence
7 Awards

Icon_minipost Oct 02 '09, 01:51 AM

I'd put your contact info in your signature and/or fill out your profile so people can contact you.

Edited: 06/26/2010 at 09:54AM

B Royston

9 posts
-34 Influence

Icon_minipost Oct 02 '09, 02:03 AM

I think I have my email address listed in my profile. Pls let me know if it doesn't show.
Thanks,

Edited: 06/26/2010 at 09:54AM

Raymond B.

Real Estate Investor · Wallingford, Connecticut

250 posts
1606 Influence
5 Awards

Icon_minipost Oct 02 '09, 06:23 AM

B Royston, your email is not visable.

Are you SFH's in or outside of the N/S Medford/287 loop?

Thank you,
Raymond

Edited: 06/26/2010 at 09:54AM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
74586 Influence
14 Awards

Icon_minipost Oct 02 '09, 06:33 AM

Signature doesn't show up until 10 posts are reached, or until the user gets the PRO account.

Edited: 06/26/2010 at 09:54AM by Steve Babiak

John Broussard

Real Estate Broker · houston, Texas

107 posts
267 Influence
1 Award

Icon_minipost Jan 27 '10, 04:54 AM

I dont know if you are still seeking financing but if you are we may be able to help with soft money funds. Rates are 8.95 to 10% and terms are for 5 years.Contact me if interested..

Edited: 06/26/2010 at 11:23AM

John Chan

Real Estate Investor · Cincinnati, Ohio

174 posts
808 Influence
4 Awards

Icon_minipost Jan 27 '10, 06:52 AM

I'm not sure if you're interested, but I can do hard money on a cash-out refi, around 13-14%. I know that's high, but if you're interested, PM me. Thanks.

Edited: 06/26/2010 at 11:23AM

John Broussard

Real Estate Broker · houston, Texas

107 posts
267 Influence
1 Award

Icon_minipost Jan 27 '10, 08:54 AM

I dont know if you are still seeking financing but if you are we may be able to help with soft money funds. Rates are 8.95 to 10% and terms are for 5 years.Contact me if interested..

John Broussard

Real Estate Broker · houston, Texas

107 posts
267 Influence
1 Award

Icon_minipost Jan 27 '10, 08:56 AM

I dont know if you are still seeking financing but if you are we may be able to help with soft money funds. Rates are 8.95 to 10% and terms are for 5 years.Contact me if interested..

John Broussard

Real Estate Broker · houston, Texas

107 posts
267 Influence
1 Award

Icon_minipost Jan 27 '10, 08:56 AM

I dont know if you are still seeking financing but if you are we may be able to help with soft money funds. Rates are 8.95 to 10% and terms are for 5 years.Contact me if interested..