investment property refi when have 6 leveraged rentals

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investment property refi when have 6 leveraged rentals

Bob Oliver
Investor · Surry, VA · Member since 2010 · 19 posts · 4 votes

suggestions needed for finding cashout refi finance on one of 6 leveraged rentals. is conventional available for this problem? what other options.

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  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    9y

    Find something other than Fannie Mae to refinance.  

    Fannie Mae guidelines are: 

    Cash out Refinancing:

    Months 6 -12 after original purchase closing

  • 1-4 Financed Properties: < 75% of current appraisal value.*
  • 5-10 Financed Properties: not eligible for cash out financing on any property except your current primary residence

    • Greater than 12 months after original purchase closing

  • 1-4 Financed Properties: < 75% of current appraised value
  • 5-10 Financed Properties: not eligible for cash out financing on any property except your current primary residence

    • Delayed Financing – within 6 months of original purchase closing

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  • Greg Downey
    Lender · Springfield, MO · Member since 2015 · 379 posts · 180 votes
    9y

    Hey Bob, my father-in-law just launched an online loan portal that essentially can get you 3 lender proposals for a refi within 24 hours. It should only take about 5 minutes to input information. This sounds like a bread-and-butter type of deal for them.  I guess it is against forum rules to post a link to the site, so just PM me and I can forward you to them.  They will really take good care of you and get you infront of banks that can make deals happen.

    In response to Kerry, I was discussing this with my father-in-law today, the 75% seems to be pretty typical for a cash-out-refi, but he was closing for and investor on a 10 property "protfolio-type" loan today.

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