Loan Limit on 30 yr products
I have a client looking to refi and I could use some help.
I hope there are some loan experts here that can help me out, because most loan brokers are not accustomed to working with RE investors.
I am trying to determine the following:
- Can he get a 30 year loan
- Is it possible to get a 30 yr loan outside of Fannie/Freddie
- Can he do a cash-out refi based on the appraised value (owned the properties for 2+ years)
Here is the situation: Currently owns 7 rental properties in an LLC with portfolio loans through local banks (10 yr fixed on some and 5/20 on others). Personal residence is financed on a 15 yr fixed portfolio loan. Has 0 loans through Fannie/Freddie/FHA, etc. LLC also owns 2-4 flips that are in process at any given time financed through portfolio loans or private loans. A couple of the rentals are almost paid off and would like to refi into a 30 year fixed type of loan if possible to put that money to work.
Fannie/Freddie have limits on the # of loans that can be outstanding for them to underwrite a new loan (4 or 10 I believe). If the loans are all for an LLC, would it be possible to use a different LLC or individual credit to get a Fannie/Freddie loan so that these existing loans don't show up on the application? The LLC loans are individually guaranteed as well. If the existing loans are sitting with banks as portfolio loans do they still count against the total allowed?
-Jaden