Updated about 5 years ago on . Most recent reply
Trying to refinance a 4-plex
Would you do it? If not, what do you suggest?
I own a 4-plex in LA, trying to refi and pull out cash to buy multifamily (5+ units) in Florida. My current rate is 3.75% fixed. Owned the building for 7 years. Rates I'm getting for refi are much higher. Many have told me they're not lending on multifamily right now. I've spoken to two residential lenders that will refi.
The best said:
-Non-owner occupied: 4.5% paying anywhere from 2% to 3% points ($56k)
-Owner occupied: same rate of 4.5% + 1.5% points ($36k)
-I can pull out a max of around $571K.
-My new mortgage (not including points) goes up about $3k per month.