I'm looking for a portfolio lender in Portland that will allow me to use the equity in my current investment property to purchase additional investments. Any guidance or advice would be greatly appreciated.
Are you looking to do a cash refinance on your current home?
Or do you want to put up the current loan as collateral for future purchases?
@Nate Lindquist What you are looking for is a lender that will give you a cross-collateralize loan. My understanding is that they typically want to a few properties to do that.
With one investment property, you best option would be to do a cash-out refi.
Upen Patel, Mortgage Banker
Federal NMLS# 1374243
@Nate Lindquist Upen is correct if you can do a cash-out refi you will get the best rates.
Most of the NOO portfolio lenders I am currently seeing are looking for multiple property blanket loans. I know of at least one that will do a single home refi to 70%, stated income.
I have not used them in the past, but they keep trying to get into our office. Happy to discuss your plans and see if I can help.