Hi all in the BP uiniverse -
Looking for a mortgage broker in the Colorado Springs/Denver area. Have a four plex I've owned for almost three years and looking to reno three of the units that are vacant at the moment. Want to leverage the equity to pay for the reno plus fund a down payment on another property, probably a four-plex in the Springs. Looking to work with one lender or two, if necessary, to pull an 80% LTV and then a 90% combined LTV on a second mortgage. Willing to do other financing if it accomplishes the same thing - use the equity to reno three units and pull a down payment for a second property. Looking forward to your answers.
@Colin Smith is an agent in Co Springs and likely would have a good mortgage broker there.
Thanks for the shout out @Russell Brazil
@Scott Bowers - I will email you some recommended lenders to work with. I am not 100% sure if what you're proposing is realistic as you already own the properties but the lenders can answer that question for sure. Often times the cash out refi's and HELOC's on investment properties are not as desirable as what you can get on a new purchase.
I'm sure you've found a mortgage broker by now, but just in case I wanted to recommend The Reichert Mortgage Team in Colorado Springs. They are a veteran owned and operated company here in the Springs, and they work a lot with refinancing and equity loans!