Updated over 2 years ago on . Most recent reply
Cash out refi 6-unit
I have a 6-unit complex (not in Detroit, MI) I am looking to pull cash out of. I purchased this property and have completely rehabbed it, and looking to pull out cash. Would prefer to go the DSCR route, or something showing lease agreements. Property is owned in an LLC w/ one partner.
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I also suggest speaking to local banks and credit unions. Whenever I finance small commercial properties, I contact local institutions. They are much more reasonable and are more intertwined in a community than some lender states away. The credit committee is usually made up of local people who are familiar with the market they are in. Lastly, they like building relationships with local investors. Once you find a lender that finances properties similar to yours, start building a relationship.