Looking for advice on how to refi my Orlando home.

10 Replies

I have an investment property in the Orlando area that has quite a bit of equity built up.  I would like to refinance the home and pull a bit of cash out to finance a pending deal I have in Chicago.  Any advice or referrals for lenders would be much appreciated.  I am looking to work with a smaller/mid-sized bank as we will be doing quite a bit of work moving forward and I would like to establish a close personal relationship with my lender.  

If you find you are unable to get approved for this refinance from your bank sources...contact me.

I just went through the same thing with an investment property in Birmingham. Found my lender via lendingtree. The whole mortgage thing is quite frustrating. We finally closed on it today which is two months to the day after I started this process. If I had known at the beginning that it was going to take so long, I probably would have taken things in stride, but I'm also trying to close on another property which I will do Friday.

@Shray Goel I have used Aimloan.com in Florida . It's not local, but they have good rates and they are straightforward.

@Shray Goel The appraisal took 10 days. My contact at the mortgage company had some family things going on which meant he was out quite a bit and I think that really slowed things down. Last but certainly not least...underwriting. You need to provide this...wait three days....you need to provide that...wait three more days. I think it would have gone much faster but I just thought they were doing their thing. If I had called or emailed every day and stayed on them it probably would have been much faster.

@Robin Hines that sounds like a nightmare.  Was this just for a cash out refi or a conventional loan?  You're making me rethink the whole process!

I recommend just getting out there and speaking with people at banks. 

@Shray Goel Yes, this a was a cash out refi. Well, it finally funded yesterday so everything's good now. It was just frustrating and tested my patience because I was trying to meet a closing date for my new purchase. I guess my point is, it might be a good idea to wait to set the closing date for your new purchase after you have the cash in hand from the refi. 

There are an abundance of Lenders in the market, institutional and alternative business purpose lenders within the area that can refinance you quickly and painlessly, however, any loan offered will be dictated by the rental income. Your debt service coverage ratio must be @ or above 1.25 and to qualify for a reasonable rate the loan amount must be over $75k for some lenders and over $110 for others.  Alternative lenders are built to get you funded in 2wks or less but of course the rates will typically be higher than traditional institutional lenders. Rates can be as low as 6.5% for a 30yr amortized loan but on average in the Alternative Lender space they typically fall in around 8.5%.  Myriad details but it really isnt that difficult, and yes there are horror stories out there that unfortunately in this business is inevitable. Real estate transactions or loans are quite dynamic in process and protocols and of course the human element. Plenty of moving parts to orchestrate and your job along with the vendor you choose is to mitigate the issues on your respective sides then wait for the others involved in the transaction to get you to the closing table.  Happy to share a conversation with you anytime. 

@Sam Ally Thank you for the note.  The situation I am in is a bit unique so I will do my best to explain over DM.

Thanks again

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