Cash out refinance interest rate for a forgein invester

[Stefhan Malherbe]

Hello,

I am a forgein investor that owns my properties in FL via a FL LLC.

The properties have appreciated well over the 6 years I've owned them. I am working with a mortgage broker but would like to get a second opinion:

In February the lender quoted 6.25% for a 5 year fixed, interest only, 70% LTV product, the appraisals were completed and the properties appraised higher than expected. The appraisals took a while to book due to scheduling issues with the tenants.

The same lender sent me their terms and the interest rate now jumped to 7.25%..

Start rate 6.625%

-.125 ACH payment

-.375 5y PPP

+.25 cash out

+.25 2 units

+.375% FOREIGN NATIONAL WITHOUT US CREDIT

+.25 interest only

Rate 7.25% 30 yr fix ( interest only for 5 years)

Rate 7.125% 5 yr fix interest only for 5 yrs.

Is the new quoted interest rate (7.25%) ballpark for a forgein investor for a 70% LTV cash out product?

[Matthew Crivelli]

Yes it is. 7% + is now the rates for everyone for DSCR loans. SOON it will be 8% +. It seems shocking but this is now reality in America. Cheap money is like a drug, people get addicted to it.