San Francisco, CA · Member since 2017 · 7 posts · 3 votes
Hello,
I have a rental property that I have owned for over ten years. I was looking to refi and pull some money out, but the mortgage brokers I have met with keep telling me that for a rental property they have to different LTV; as opposed to the normal 80% they are telling me they need 60%. This makes it difficult to get a significant amount of equity out. I assume there must be lenders out there that do something closer to 80%. If one follows the BRRRR method, you're not doing a 60% LTV are you?
Financial Advisor · Des Moines, IA · Member since 2017 · 173 posts · 58 votes
8y
Many lenders I work with will go up to 75%. I don't know specifics about your deal, but the mere fact that it's a rental should not be the issue. Lenders I work with only do non-owner occupied investment properties.