Need to refinance multiple properties at once
hello,
I need to refinance 2 homes and one triplex. I also have another single family home that I need to refinance but I’m in a 50-50 partnership with my brother as a successful vacation rental. All my investment homes are in desert hot springs, ca and I currently rent where I live in Avalon, CA. The triplex and airbnb sfr were bought and renovated in 2021 using my own personal credit cardS. I need to pay off my credit cards by December 2022.
I’ve had issues qualifying with the airbnb because the income is not on our taxes yet as we just went live with it in April of this year. But it’s extremely successful expecting to gross min $120,000 + from mid April 15 to December 2022. The other 2 homes are fully renovated and rented and the triplex is partially renovated and fully rented as long term rentals.
Numbers
sfr 1- rented, owe $168,000. Likely appraisal of $400,000
Sfr 2 - rented, owe $156,000. Likely appraisal of $400,000
triplex - fully rented, owe $250,000. Likely appraisal around $550,000- $600,000
Sfr 3 (airbnb home). Owe $180,000. Likely appraisal $600,000. This is split 50-50 with my brother on title.
I need to refinance with all funds going directly to my credit cards. Minimum $200,000 needed.
I appreciate any information anyone has.
Hi @Thomas Solorio,
If you only need $200k, you do not need to refinance every property. If you want additional cash to do renovations, buy more properties, pay off other debt, etc. then you can certainly refinance other properties, though it is not needed.
You have three options to get the $200k.
1. Refinance SFR 1 & 2. You would get around $270k back assuming you take out 75%.
2. Refinance SFR 1, 2, and the triplex at lower LTVs so that you get better pricing.
3. Do a DSCR refinance for the STR SFR. It will have the highest rate assuming the other refinances are conventional but you would only need to refinance one property.
I would try to get the refinance done as soon as possible since rates are expected to continue to rise the rest of the year.
A good loan officer should be able to complete a refinance in 2 weeks so that you can pay off your credit cards in July to avoid the massive interest charges on those.
I hope this helps! Let me know if I can be of any assistance.
Quote from @Andrew Garcia:
Hi @Thomas Solorio,
If you only need $200k, you do not need to refinance every property. If you want additional cash to do renovations, buy more properties, pay off other debt, etc. then you can certainly refinance other properties, though it is not needed.
You have three options to get the $200k.
1. Refinance SFR 1 & 2. You would get around $270k back assuming you take out 75%.
2. Refinance SFR 1, 2, and the triplex at lower LTVs so that you get better pricing.
3. Do a DSCR refinance for the STR SFR. It will have the highest rate assuming the other refinances are conventional but you would only need to refinance one property.
I would try to get the refinance done as soon as possible since rates are expected to continue to rise the rest of the year.
A good loan officer should be able to complete a refinance in 2 weeks so that you can pay off your credit cards in July to avoid the massive interest charges on those.
I hope this helps! Let me know if I can be of any assistance.
Quote from @Jo-Ann Lapin:HML may also be alternative for you too. Happy to try and assist . All the best to you .
Quote from @Andrew Garcia:
Hi @Thomas Solorio,
If you only need $200k, you do not need to refinance every property. If you want additional cash to do renovations, buy more properties, pay off other debt, etc. then you can certainly refinance other properties, though it is not needed.
You have three options to get the $200k.
1. Refinance SFR 1 & 2. You would get around $270k back assuming you take out 75%.
2. Refinance SFR 1, 2, and the triplex at lower LTVs so that you get better pricing.
3. Do a DSCR refinance for the STR SFR. It will have the highest rate assuming the other refinances are conventional but you would only need to refinance one property.
I would try to get the refinance done as soon as possible since rates are expected to continue to rise the rest of the year.
A good loan officer should be able to complete a refinance in 2 weeks so that you can pay off your credit cards in July to avoid the massive interest charges on those.
I hope this helps! Let me know if I can be of any assistance.
thanks Andrew! I really appreciate the advice! with the roadblocks I had with qualifying I was actually thinking about just liquidating one house and selling it off instead. I'd be stuck with about $40,000 in capital gains plus commissions and fees though. do you do loans in california?
@Thomas Solorio I work for a lender that SPECALIZES in Air BnB financing. We could help you do a cash-out refinance any/all of these properties, and could group the three SFRs in a portfolio loan even, or with a slight sacrifice in interest rate could refinance all four of these properties in a portfolio loan. Slide into my dms and lets schedule a time to chat so I can take a stab at this and let you know specifically what we can offer.
@Thomas Solorio
hello,
I need to refinance 2 homes and one triplex. I also have another single family home that I need to refinance but I’m in a 50-50 partnership with my brother as a successful vacation rental. All my investment homes are in desert hot springs, ca and I currently rent where I live in Avalon, CA. The triplex and airbnb sfr were bought and renovated in 2021 using my own personal credit cardS. I need to pay off my credit cards by December 2022.
I’ve had issues qualifying with the airbnb because the income is not on our taxes yet as we just went live with it in April of this year. But it’s extremely successful expecting to gross min $120,000 + from mid April 15 to December 2022. The other 2 homes are fully renovated and rented and the triplex is partially renovated and fully rented as long term rentals.
Send a private message to discuss specifics.
Quote from @Thomas Solorio:
hello,
I need to refinance 2 homes and one triplex. I also have another single family home that I need to refinance but I’m in a 50-50 partnership with my brother as a successful vacation rental. All my investment homes are in desert hot springs, ca and I currently rent where I live in Avalon, CA. The triplex and airbnb sfr were bought and renovated in 2021 using my own personal credit cardS. I need to pay off my credit cards by December 2022.
I’ve had issues qualifying with the airbnb because the income is not on our taxes yet as we just went live with it in April of this year. But it’s extremely successful expecting to gross min $120,000 + from mid April 15 to December 2022. The other 2 homes are fully renovated and rented and the triplex is partially renovated and fully rented as long term rentals.
Numbers
sfr 1- rented, owe $168,000. Likely appraisal of $400,000Sfr 2 - rented, owe $156,000. Likely appraisal of $400,000
triplex - fully rented, owe $250,000. Likely appraisal around $550,000- $600,000Sfr 3 (airbnb home). Owe $180,000. Likely appraisal $600,000. This is split 50-50 with my brother on title.
I need to refinance with all funds going directly to my credit cards. Minimum $200,000 needed.
I appreciate any information anyone has.
It sounds like you're in a great position to refi and pull cash out on the 3 SFRs - several programs use AirBNB income to qualify.
When do you want to close - up to 80% LTV cash out if seasoned over 1 yr - 75% if less than a year?