Can Portfolio Lenders Refi <12 Months at 85%LTV like Reg. Banks?

2 Replies

I think I did a pretty good job fitting the whole question in the subject! :D 

I've heard of folks leveraging Portfolio lenders to avoid the 4 limited from Freddie and Fanny. I've talked to M&T Bank and they said that even if you pay cash. You still have to wait 12 months to refinance at the ARV. Is this rule the same for portfolio lenders? I'm assuming not sense they maintain control of the loan.

@Sam Valme  The restrictions are you talking about are internal overlays/restrictions of the lenders you have approached/worked with. Here are the facts:
* Each individual can have up to 10 conventional loans (not 4).
* A purchase has to season for 6 months to do a refi based on a new appraisal (not 12 months)
* If you paid cash, you can do a Delayed Purchase loan within 6 months based on the purchase price.

With regards to your LTV. You are not going to get the LTV for a cash-out refi. You might get that LTV if it is a rate-term refi depending on the type of property and if it is primary or investment.

This is very interesting information @Upen Patel . Much different then what I heard from the bank. We should connect to discuss this in more depth. I'd really like to make sure I have all the facts before I move on my next deal. I'll send you a PM. Thanks!