Shout out to SF Bay area folks. I'm looking to do a refi on my investment property in the SF. Any recommendations on lenders to talk to. Several banks have only offered 50% loan to value and I would like to do better.
What term length are you looking for and what LTV do you have in mind? Will the cash out be used for the purchase of another investment property? @Steve Graham
@Steve Graham - The timing of your question is right, as I just picked up a flyer from my mailbox for B2R Finance and I will quote it...
"Unlock equity and get cash out of your existing rental property. Refinance with an asset-based loan at up to 75% LTV using the full-appraised value of your rental properties with as few as 90 days of seasoning"
So, you may want to give them a call to see if this fits your requirement.
Good luck and best wishes with your REI activities.
I'd be happy to do it...
Sorry I was not 100% clear. Looking for a 30 year fixed. I'm at 4.25 now but based on what I have been quoted prob 4.75 is best I can do. Looking for a credit union or small local bank
@Steve Graham I am interested to hear what you end up finding and who you go with at what LTV.
Fannie Mae will allow up to 70% LTV on a cash-out 2-4 investment property. Shoot me a message if you'd like to chat more.