Help me to understand local bank refi for SFH

[David J.]

I am trying to plan out my first BRRRR

Suppose I have a property rehabbed and rented that is VALUED at $70K

Now it's time to refinance and pull some money out to fund the next property.

I have 7 Fannie/Freddie conventional loans already, so I can't get another one. (don't want it either)

What can I expect from a local bank? 

• What rates?
• What LTV?
• What term? 15 Years?
• ARM or FIXED?
• Will they want reserve funds for the other loans I have
• IS there limit on the number of loans they will offer?
• Should I HELOC this subject SFH instead? What rates will I get for that?

Any information or advice will help. 

Thank you :)

[Kerry Baird]

Agree on difficulty with reserves.  I have been talking with Corevest. They have a portfolio product, as well as a line of credit. Can acquire with the line, renovate, rent, and then bundle several into one aggregate loan. A few others may be similar. Your own local credit union or community bank may do it easier, or cheaper with relationship. Others in the same portfolio are Visio, LendingOne, FOAC, Lima One.