Multi family cash out refinance

[Daniel Grantz]

Hey Fam! Looking for a lending solution here, thx in advance for reading this novel 🙏🏼

Ok here are the details. Address is 633 3rd st and 289 F st Arcata, CA 95521 (it’s one property with two addresses, one APN#). It’s two buildings on one lot, first building is a 3bed 2bath single family home, and the other is a 5 unit apartment building (4 1bed 1bath, and 1 studio) two of the units I just added to the building and are brand new, the other 3 I have just totally remodeled. The property is in excellent condition everything is recently remodeled inside and out including the house. I have a first private owner carry note on the property of $420K, however the note holder wants to keep the note and is willing to go into second position. I have other debt related to the property fix up that I want to pay off so I’m looking for someone to give me $300k first position cash out. Property is worth $1.2-$1.3M conservatively, fully occupied and cash flowing with virtually 0% vacancy rate. I have near perfect credit and own other cash flowing properties. Any leads on lenders that can do this? Thx!!!

[Elias Halvorson]

Dan, 

It’s still early, I’m sure you’ll have 50 people reach out on here. I’d recommend getting 4 quotes minimum, tell all the lenders you’re shopping, etc. get at least 2 quotes from mortgage brokers, and at least two from a local bank. I would recommend getting quotes from mortgage brokers in your local area, vice some chump who is in xxx state but licensed in CA. Also, after you choose your lender, pay attention to mortgage rates daily, if they fall further, the bank should have a good rate float down/renegotiation policy - if not, tell them you will move to another bank and lock with someone else. Does that make sense? Feel free to DM me if you want any further clarification. I’m not licensed in CA but these are some things that can save you some $$