General Real Estate Investing

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Zachary Wiederstein
  • Rental Property Investor
  • Columbia, MO
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How do I get better than 70%LTV on a SFR?

Zachary Wiederstein
  • Rental Property Investor
  • Columbia, MO
Posted Sep 5 2019, 14:26

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?

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Odie Ayaga
  • Specialist
  • Delran, NJ
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Odie Ayaga
  • Specialist
  • Delran, NJ
Replied Sep 6 2019, 07:22

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

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Tarik Turner
  • Lender
  • Hackensack, NJ
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Tarik Turner
  • Lender
  • Hackensack, NJ
Replied Sep 6 2019, 09:30

Where is the property located? 

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Zachary Wiederstein
  • Rental Property Investor
  • Columbia, MO
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Zachary Wiederstein
  • Rental Property Investor
  • Columbia, MO
Replied Sep 6 2019, 09:40

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

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Robin Searle
  • Real Estate Agent
  • Colorado Springs, CO
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Robin Searle
  • Real Estate Agent
  • Colorado Springs, CO
Replied Sep 7 2019, 06:35

@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.

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JD Gunter
  • Real Estate Broker
  • Fort Lauderdale, FL
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JD Gunter
  • Real Estate Broker
  • Fort Lauderdale, FL
Replied Sep 7 2019, 09:22

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.

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Jerry Padilla
  • Lender
  • Rochester, NY
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Jerry Padilla
  • Lender
  • Rochester, NY
Replied Sep 8 2019, 20:21

@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.