Hoping this is the right place to ask this question, but I'm looking for another lender who can do cash-out refi's quickly with great terms. I have 2 good lenders already in place, but they are slowing down. Any recommendations as I have a couple deals ready to go? I'm not looking for anything with low LTV, a balloon, or 2 or 3 year arms. My financial history is solid so I'm going to be picky here. Also, my credit 780-800 and I have a goodpaying W2 job.
Thanks very much in advance for any insight!
@CJ M. First Federal of Lakewood gave me a great quote for a cash out refi with no seasoning.
Who are your 2 lenders?
Funny, First Federal Community Bank out of Bucyrus is one that I use. Will other branches be worth reaching out to, or do they all look at you as the same person? I also use a good broker (which I generally avoid because of the higher rate and fees).
Good question, I’m not sure. I’ve only dealt with the loan officer at the North Ridgeville branch.
No problem, I'll at least give them a call. I need to reach out to a couple others in Canton as well. Hopefully, I'll find one soon. Thank you for your help!
Seconding First Fed here (Dover branch). Just finished a 5 prop cash out refi, 80% LTV, no seasoning. Good luck and keep us posted should you use someone else..
Well, called the North Ridgeville branch and have good news and bad news. The good news is that First Federal is not the same bank I've used in the past. The bad news is, they said they do not do commercial loans anymore and I'd have to put the property in my name instead of my LLC (which I don't want to do).
There are several no income verified sources of low or no seasoning available if you don't find what you're looking for. Rates in the 6's and ltv's as high as 75% for cash out.
I've tried all the recommendations, as well as a number of others and unfortunately they won't work (i.e. they don't fund investment properties anymore, I've reached the FM/FM limit already, their terms are not desirable, etc.).
Any other suggestions or lenders/banks that would be worth reaching out to?
If you find a lender who does allow you to title in an LLC's name, let me know. I've been looking for someone to refer out to. I agree - it is pretty asinine that you aren't able to title in an LLC you personally own, I'd love to see some policy changes soon as I run into this issue a lot but I'm not holding my breath.
Honestly, while I have encountered a couple lenders who won't title in an LLC, the main issues I've encountered so far are:
1. Cannot loan on more than 10 properties
2. Have a minimum loan amount of $XX.00
3. Have a seasoning period of 6-12 months+
4. Charges too many points/fees (4-6%)
5. Will only loan if you're in a certain radius of their branch.
6. They use appraisers that screw a deal by way under-valuing a property.
I've found a couple decent ones lately...but only time will tell if they actually work out.
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