Kansas City MO · Member since 2014 · 357 posts · 349 votes
11y
There's a lot of options. Try Bob Green (on Bigger Pockets) of Rental Property Lending Group or the B2R Finance that Joel mentioned above. Sure there are probably other asset based lenders out there as well. Also look into portfolio lenders …smaller banks in your area that hold their own loans….commercial loan.
Investor · Portland, OR · Member since 2012 · 266 posts · 128 votes
11y
Commercial and private options (such as blanket or portfolio loans) are starting to mature. Non-conventional (non fannie/freddie) options are getting better and better. Longer terms, fewer balloons, lower rates, higher leverage, etc. I'm still a small fish with only 7 mortgages, so I haven't used any of these yet, but there are options out there...
There is also delayed financing - though is very limited. This is a conventional mortgage offered through Fannie. You can only do delayed financing when you buy in cash, and do the refi within 6 months of the purchase. Also, very few mortgage providers will do delayed financing (I do know of one who does this - PM me if interested).
Real Estate Investor · Pittsburgh, PA · Member since 2015 · 110 posts · 71 votes
11y
Always options available...
1) Blanket Commercial Mortgage w/partial release clause (Max LTVs 75% per property and property must produce a DSCR of at least 1.25 with most lenders up to 1.43 for the rest)
2) Hard Money Cash Out (no limit on properties and not credit driven BUT should be used for short term and only if the property still cash flows with the higher rates - usually between 50-65%LTV)
3) Fannie Mae offers "Limited Cash Out" for 5-10 Investment Properties with a 720FICO
Get with a good Mortgage Broker OR develop a good relationship with your local bank provided they do "Portfolio Loans".
If you have owned any of those homes for less than 6 months you can do this through conventional financing.
If it's been longer than 6 months then you would have to find financing elsewhere. You can however do 5 - 10 rate and term only so you can still get the best rates but it would require doing the process twice.