How do I get better than 70%LTV on a SFR?

[Zachary Wiederstein]

I have over $100k in equity in a rental property...I am unable to use it because of fees associated with HELOC and refinancing. How do I get past this? Do I have to use a hard money lender?

[Odie Ayaga]

Are you bankable? You can't find a bank or credit union willing to give you 75-80%? Just trying to get more background on the situation

[Tarik Turner]

Where is the property located? 

[Zachary Wiederstein]

My property is in Colorado Springs and my credit score is 660 and going up.

[Robin Searle]

@Zachary Wiederstein I’m in the Springs as well. Most lenders won’t do a Heloc on an investment although I’m sure there is someone out there who would - I just haven’t found one. Talk with Rich Dillman at Caliber I’m Briargate. He can help with cash out refinancing.

[JD Gunter]

Yeah, cash out refi is the only traditional option I'm aware of unless you have a portfolio of about 3 or more properties. Once you have a portfolio of properties you can bundle the equity into a commercial LOC that's based more on your balance sheet than individual lines. That's what I have. Commercial terms are not as attractive as residential, and it does come with annual fees, but it's a good option.

[Jerry Padilla]

@Zachary Wiederstein

What is the value of the property? With conventional, for a single family rental property you can get an LTV up to 75% with a cash out refinance and up to 70% LTV with a multi-family rental.