30 Year Fixed Portfolio Loan in Ohio

9 Replies

Hello everyone,

Earlier this year I purchased my first five units (4 SFR, 1 condo) in the greater Columbus, OH area under a land contract agreement. The units are now fully occupied and I would like to pursue a refinance. I've called around to several local banks and they are primarily offering 20 year loans with 5 year balloons. I was wondering if the (always fantastic) BP community could advise me if anyone knows of an institution that lends in Ohio that have a 30 year fixed rate product (or if that is a pipe dream for me)?

For a few details, I'm currently sitting at about a 90% LTV, have a full time W2 career as a senior financial analyst and am willing to bring cash to the closing table to bring the properties down to a 75-80% LTV. I also have approximately 25 pages of my business plan, financial statements and projections that outline my goals that I can provide.

Thanks for all the great information, and support BP and if anybody is in Columbus, let's grab a beer and talk some real estate!

Originally posted by @Nate Copes :

Hello everyone,

Earlier this year I purchased my first five units (4 SFR, 1 condo) in the greater Columbus, OH area under a land contract agreement. The units are now fully occupied and I would like to pursue a refinance. I've called around to several local banks and they are primarily offering 20 year loans with 5 year balloons. I was wondering if the (always fantastic) BP community could advise me if anyone knows of an institution that lends in Ohio that have a 30 year fixed rate product (or if that is a pipe dream for me)?

For a few details, I'm currently sitting at about a 90% LTV, have a full time W2 career as a senior financial analyst and am willing to bring cash to the closing table to bring the properties down to a 75-80% LTV. I also have approximately 25 pages of my business plan, financial statements and projections that outline my goals that I can provide.

Thanks for all the great information, and support BP and if anybody is in Columbus, let's grab a beer and talk some real estate!

 Why do you want to put cash in to get down to 75%?  What kind of loans are you currently using?

Originally posted by @Matt Turbitt :

Have you talked to union savings, first federal, or the savings bank? Even FC bank might give you favorable odds.

I have loans from most of these banks and talked to the rest. None will do a 30 year fixed. 3-5 year ARM with or without balloon is probably the best they can offer.

I also agree for 30 year fixed you'll have to use LimaOne or Visio and they will put you around 7.2% MINIMUM for 75% LTV.

@Nate Copes

Lots of questions, but if you're willing to bring cash to the table, you will be okay  You're realistically looking at 7.49% and a few points at up to 75% depending on your credit score.

Have you considered doing a blanket for all 5 properties or does any one of them have decent enough equity that you could do it separately and take cash out? Like I said, lots of questions and there is a lot to consider, especially with minimum points/fees on these reaching $3500 when going through Lima or Visio.

PM me.  I'll be glad to point you in the right direction.    

Stephanie

Originally posted by @Nate Copes :

Hello everyone,

Earlier this year I purchased my first five units (4 SFR, 1 condo) in the greater Columbus, OH area under a land contract agreement. The units are now fully occupied and I would like to pursue a refinance. I've called around to several local banks and they are primarily offering 20 year loans with 5 year balloons. I was wondering if the (always fantastic) BP community could advise me if anyone knows of an institution that lends in Ohio that have a 30 year fixed rate product (or if that is a pipe dream for me)?

For a few details, I'm currently sitting at about a 90% LTV, have a full time W2 career as a senior financial analyst and am willing to bring cash to the closing table to bring the properties down to a 75-80% LTV. I also have approximately 25 pages of my business plan, financial statements and projections that outline my goals that I can provide.

Thanks for all the great information, and support BP and if anybody is in Columbus, let's grab a beer and talk some real estate!

Nate, if you PM the details i'll send it to a lender we work with a lot. I just refinanced a duplex on a 30 year 4.75%. as long as the units are conforming and you have the value to get. I only had about 5% into the deal too so it was great to refinance based on where appraisal came in. Shoot me the deal and maybe your email and I'll have a local columbus lender look at it.