Refinance with no seasoning Columbia, SC

[Carlisle Edens]

Any folks have insight into a local bank in Columbia SC area that is willing to do cash out refi on a non-seasoned rental property?

Thanks

[David Hanor]

@Will Gaston One of the guys I worked with just closed with Iberia. He got a slightly better interest rate than Synovus and higher LTV--he compared both.

I've spoken with a few of the lenders at Iberia and they are preaching that Iberia is just being really aggressive in the Upstate SC area. That's a little worrisome on a 5 year fixed rate that if they lose their aggressiveness the rate adjustment might be more substantial than at Synovus.

I am personally still doing my refinances with Synovus (finishing up number 3 BRRR now) but that's also just because I haven't needed to get more than 70% LTV. The difference in .12% on interest is so minimal that it's not worth it to open up a new banking relationship right now.

Have you had Synovus go higher than 70%? they said they could on exception but I'm curious as to what a seasoned investor like you is getting out of them.