Looking for recommendation on lending options

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Hello! I have a 1031 exchange on a property I am selling next week that is roughly around $110k. I am looking for recommendations for lenders that will do a cash out refi on a portfolio property. I recently found a portfolio property here in the Charlotte area. It is 12 SFR on one lot (3 acres roughly) currently gross rents are $53k a year with one vacant. The purchase price is $370k. I am planning to utilize hard money to roll in $200k (plus the remainder to purchase it) to completely revamp the exterior of all units and renovate 9 of them. With the renovations, the projected rents will be $93,600. The cap rate will stay at 12.4% with our cash on cash increasing from 22.6% to 34.7%. If you value this property with a 10% cap rate with $78,9884 operating income, it puts the value at $789,840. I will have more than 25% equity in the property prior to refinancing. Has anyone ever used lenders in the North Carolina area that will do a cash out refinance on a portfolio loan?


Most portfolio lenders want to see a value of at least $50,000 per property and have a minimum loan amount of $500,000. It appears based on your assumption of combined value you meet this criteria. There is a list of national portfolio lenders available on this site that may be able to assist you.

Cold call them and ask. Most likely it's going to be a local bank vs your bigger banks. I would recommend Alliance Bank (based out of Gastonia, NC). Not sure they can do it but worth a phone call.