Cashout refinance on my two rentals in Florida

13 Replies

I currently own 8 rentals and I want to do cashout refi on the two of them in Florida. My lender told me that I can no longer do cashout refi via conventional loan if I own more than 4 rentals.

What are my options? Can I do cashout refi using a non-conventional loan / portfolio lender from a regional bank? What does the rate / term look like? Thanks.

There are lots of smaller banks that will do them up to 8 properties.  I will get a name for you. I am not sure they do them for over 8 (probably not) but Wells Fargo seems to be very investor friendly when it comes to the big banks. 

Manson,

It will look different to reach that you reach out to. Hopefully you have good business relationships established with them already.

Do you have your 4 rentals in a land trust? If not put them in a land trust then you may get around that rule.

Jim Sakalis

@Manson C. Hi, your best bet would probably come from searching that of smaller banks. Good luck.

@Manson C. You are allowed cash-out refi up to 6 financed properties. So the question is, how many financed properties (primary + rental) do you have. This would include conventional and portfolio loans that show on your credit report.

If you have more then 6, then you are out of luck for conventional refi. Your only option is residential or commercial portfolio.

If you have 6 or less, then find a new lender that will do the cash-out refi for you.

Thanks for the answers. Anyone here who can help me with cashout refi in Florida? Please PM me and provide the rate and terms. Thank you!

@Upen Patel What if you don't currently have financing on rentals, just the primary residence?  It wouldn't be a cash-out refi (paid cash for all the rental houses), it would just be original cash-out to pull out part of the equity to use on more rental properties.

Originally posted by @Marelyn Valdes :

@Upen Patel What if you don't currently have financing on rentals, just the primary residence?  It wouldn't be a cash-out refi (paid cash for all the rental houses), it would just be original cash-out to pull out part of the equity to use on more rental properties.

If you buy with cash and do a refi within 6 months then it can be done as a Delayed Financing. After 6 months its a Cash-out Refi.

@Manson C. Maybe that's specific to your region.  I have a lender that will do up to 10.  PM and I can share the lenders contact info with you.

Originally posted by @Manson C. :

Thanks for the answers. Anyone here who can help me with cashout refi in Florida? Please PM me and provide the rate and terms. Thank you!

You didn't answer my question. How many financed properties do you have? No one can point you in the right direction with half the information.

Originally posted by @Manson C. :

@Upen Patel All 8 rentals are financed.

Then you CAN NOT get a cash-out via Fannie/Freddie loan. You will have to go portfolio.

Hi @Manson C.

I'm a CA lender that is also licensed in FL. I have a portfolio lender that would re-finance up to 75% LTV starting at 6%. The minimum loan amount is $75,000 so that might not work for your FL properties. Let me know if you need more info.

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