Cash Out Refinance Hacking?

[Samuel Kunzman]

Hello,

My business partner and I are looking to do a cash-out refinancing on a couple multifamily buildings we have here in Albuquerque, NM. The values aren't high enough for Fannie and Freddie loans, and every portfolio lender we have been contact with doesn't get any say in who they get stuck with on the appraisal. If you have experience working with a lot of appraisers there is a huge discrepancy in valuations they come up with depending on how skilled they are in finding applicable comps. Does anyone know of any lending programs where there is visibility into who gets to do the appraisal?

Many thanks in advance for any input.

[Samuel Kunzman]

@Ryan Dossey

Thanks for the input! It is amazing that the appraisals do seem to magically come in but we have gone through the process, made the case and still haven't got there. Also, I have never seen a loan where the borrower gets to pick but I have seen where the lender does which is a huge advantage obviously but they are usually special programs.... We have utilized these before and the one we used was through a program set up to take advantage of mortgage finance authority monies. Would love to find more of these as  our current go to is depleted at the moment. They tend to have good rates but are shorter term as well.