Looking for cash out refi’s on properties in the 125k range

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Looking for cash out refi’s on properties in the 125k range

Robert Pole
Brooklyn, NY · Member since 2017 · 34 posts · 8 votes

My lender doesn't loan on LTV under 125k. I have 3 solid income duplexes that I own free and clear. I'd like to pull money out of them and buy something bigger.

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
3y

Hey Robert, 

Most DSCR lenders can do a minimum loan amount of $75,000. You can also blanket these properties to reduce your closing costs (if they are the same property type and in the same area)

[email protected]818-269-7983
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y

    Hey Robert, 

    Most DSCR lenders can do a minimum loan amount of $75,000. You can also blanket these properties to reduce your closing costs (if they are the same property type and in the same area)

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    1Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    3y
    Quote from @Robert Pole:

    My lender doesn't loan on LTV under 125k. I have 3 solid income duplexes that I own free and clear. I'd like to pull money out of them and buy something bigger.


     Hey robert I know some lenders who can help out. They are quick and have great service lets connect

    [email protected]860-538-3672
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    0Reply
  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    3y

    Robert,

    That should not be a problem you are just talking to the wrong bank.  Most lenders have overlays and that is not very investor friendly.

    [email protected]727-637-4289
    0Reply
  • Brandon BeardtPro Member
    Lender · La Crescenta, CA · Member since 2021 · 261 posts · 157 votes
    3y
    Quote from @Robert Pole:

    My lender doesn't loan on LTV under 125k. I have 3 solid income duplexes that I own free and clear. I'd like to pull money out of them and buy something bigger.


     Hi Robert,

    Not sure why your lender wouldn't be able to loan on properties sub $125K, unless I'm misinterpreting your post. In my experience, that's never been an issue unless the properties themselves are worth sub $75K. Perhaps that lender just has more strict lending guidelines than most. My recommendation is finding a new lender or better yet, work with an experienced mortgage broker that specializes in investment property financing. They'll be able to review your scenario and strategize a loan solution that best fits your needs. Best of luck!

    [email protected]818-726-2418
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