Cash Out Refinance on Owner Occupied 2-flat in Chicago

[Ernesto Maturrano]

Hi All,

I was hoping someone in the BP community knows about any portfolio mortgage programs that offers a 80% LTV cash out refinance on an owner-occupied 2-flat building in Chicago. Here's the situation: I bought the property in 06/15 for about $340M and took a loan of $310M. I injected $50M in renovation and expect the value to be (conservatively) $430M. I live in one unit and rent the other. I'm looking for an 80% advance in order to recapture some of my capital.

Right now, Fannie/Freddie guidelines allow up to 75% LTV on a cash-out refi of a 2-flat. But perhaps some portfolio lenders in Chicago can do more. Appreciate any and all help given! Thanks!