Cash out REFI on 3 Family

[Mike Hoefling]

I am looking to do a cash-out refinance on one of my 3 family properties in Worcester, MA and am seeing alot of lenders only offering 70% LTV on a Cash-Out. Is that what everyone else is seeing? Any local banks that lend in MA that can do 80% LTV?

Thanks!

Mike

[Shawn L.]

@Mike Hoefling I was able to get 80% LTV on a 30-year fixed for a 4-unit investment purchase at the end of 2018 with Align Credit Union, not sure if they're still offering terms that good though I'd suspect not.

I just recently completed a cash-out refi with a different portfolio lender on a different property (a duplex) that maxed at 75% LTV, and due to COVID they were upping their pre-close reserve requirements from 6 months, including primary residence to 12 months