Commercial cash out refinance 80-85%

[Ryan Faircloth]

North State Bank offers a 85% LTV commercial cash out refinance after a 6 month seasoning period with great credit/financials at reasonable rates with very low application/origination fees. I am looking for another bank that will do this. Even 80% would be acceptable.

Can anyone point me in the right direction?

[Scott Wolf]

Quote from @Ryan Faircloth:

North State Bank offers a 85% LTV commercial cash out refinance after a 6 month seasoning period with great credit/financials at reasonable rates with very low application/origination fees. I am looking for another bank that will do this. Even 80% would be acceptable.

Can anyone point me in the right direction?

 Why are you looking for another bank if you've already found this one?

[Tanner Sherman]

I agree with Scott- I have not found any banks that will do an 85% LTV given the current market conditions on investment properties, sounds like they are a great one to build a relationship with. If you are looking for an owner occupied property in order to househack, you should have plenty of opportunites for a 5% down conventional or 3.5% down FHA or even down payment assistance loans that offer an even higher leverage opportunity. What are your investing goals?

[Erik Estrada]

Quote from @Ryan Faircloth:

North State Bank offers a 85% LTV commercial cash out refinance after a 6 month seasoning period with great credit/financials at reasonable rates with very low application/origination fees. I am looking for another bank that will do this. Even 80% would be acceptable.

Can anyone point me in the right direction?

If they can close it, go for it. 99.9% of lenders are capped at 75% LTV. Very Few will go up to 80% LTV.

[Mike Dymski]

LTV is typically not relevant in today's market with high interest rates where debt service coverage is the limiting factor (i.e. a 1.3x debt service coverage requirement will result in loan proceeds that won't be anywhere near 85% LTV).

[Dennis Muno]

Quote from @Ryan Faircloth:

North State Bank offers a 85% LTV commercial cash out refinance after a 6 month seasoning period with great credit/financials at reasonable rates with very low application/origination fees. I am looking for another bank that will do this. Even 80% would be acceptable.

Can anyone point me in the right direction?

85% LTV cash out refi on a commercial property in this market? This sounds a little too good to be true if you ask me. Did the bank get information from you like the NOI and current value, insurance, occupancy, LLC information, etc? All these info will affect how much you can pull out of ppt.

If you didn't give them any such info you may be getting bait and switched. I'm not saying they are lying I just wonder how they say they can do that if they have not gotten any info from you. So, the question is did they get any other information from you??

[Devin Peterson]

Highly skeptical of these terms. Even 80% is a push. Why are you seeking another option if you have this one?