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. 

Medium image12181 2Bobby Beard, BBI Realty | 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.

Shaun Weekes, Innovation Lending Solutions | [email protected] | 949‑610‑3126 | https://www.facebook.com/Innovation-Lending-Solutions-Inc-261955880814516/ | CA Agent # 0L51686

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. 

Medium image12181 2Bobby Beard, BBI Realty | 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. 

Shaun Weekes, Innovation Lending Solutions | [email protected] | 949‑610‑3126 | https://www.facebook.com/Innovation-Lending-Solutions-Inc-261955880814516/ | CA Agent # 0L51686