5 duplexes to cash out refi.

5 Replies

I have purchased 5 duplexes on the same property over the last 10 months all cash deals. Now I need to get some of the money back out lol. Anybody have a good recommendation for a bank/broker to do a cash out refi deal in Florida? They appraise for 60 a building and I got them at average of 25 a building. 

615-975-8973

If you can get all the cash out you need with 4 out the 5 properties, you can do a conforming cash out loan on each property. The loan amounts and values are too small to do a blanket commercial or portfolio loan. Figure 70% of the value can be cashed out, minus your closing costs.

@Bobby Beard  

How many financed properties do you have currently have?

Your first 4 will mortgages will be fine but after that you'll have to qualify for delayed financing. You'll need to own the home for less than 6 months as well as other guidelines to adhere to.

Since these are all 2 unit properties you max LTV on cash out is going to be 70% on the first four and anything under delayed financing you're going to need a 720 fico and max LTV is 65%

I hope this helps Sir.

Most lenders don't go under 50K for a loan amount so keep this in mind as well Sir.

Bank of the West has been good for us in Colorado.  Not sure if they operate on the east coast.

Originally posted by @Shaun Weekes :

@Bobby Beard 

How many financed properties do you have currently have?

Your first 4 will mortgages will be fine but after that you'll have to qualify for delayed financing. You'll need to own the home for less than 6 months as well as other guidelines to adhere to.

Since these are all 2 unit properties you max LTV on cash out is going to be 70% on the first four and anything under delayed financing you're going to need a 720 fico and max LTV is 65%

I hope this helps Sir.

Most lenders don't go under 50K for a loan amount so keep this in mind as well Sir.

Hey Shaun, I currently have a small loan on a flip house in tn. less than 30k. nothing else has a loan. 

615-975-8973
Originally posted by @Bobby Beard :
Originally posted by @Shaun Weeks:

@Bobby Beard 

How many financed properties do you have currently have?

Your first 4 will mortgages will be fine but after that you'll have to qualify for delayed financing. You'll need to own the home for less than 6 months as well as other guidelines to adhere to.

Since these are all 2 unit properties you max LTV on cash out is going to be 70% on the first four and anything under delayed financing you're going to need a 720 fico and max LTV is 65%

I hope this helps Sir.

Most lenders don't go under 50K for a loan amount so keep this in mind as well Sir.

Hey Shaun, I currently have a small loan on a flip house in tn. less than 30k. nothing else has a loan. 

Hello Bobby,

Then you should be able to get 3 financed rather easy and the other two will be delayed financing if you bought them less than 6 months ago. 

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