Cash out refinance for properties in Toledo, OH?

15 Replies

Hi, I own three small single family properties free and clear in Toledo, OH.  I'd like to cash-out refinance to pull the equity out of them so I can purchase more.  Problem is, they are probably worth less than $50k.  Is there any lenders these days that will finance properties like this?

Originally posted by @Harjeet Bhatti :

Small  banks will be able to do this kind of small loan amount. 

 Really?  Ok that’s good news since I’ve heard otherwise that it’s difficult to impossible.  I’ll have to make some calls to some small Toledo banks then.

Originally posted by @Josh Pass :

Hi, I own three small single family properties free and clear in Toledo, OH.  I'd like to cash-out refinance to pull the equity out of them so I can purchase more.  Problem is, they are probably worth less than $50k.  Is there any lenders these days that will finance properties like this?

Hey mate,

Check out Lime One Capital or B2R

Much success

@David Hansen

I believe the LTV was 85% if you were refinancing a primary residence and 80% for investment properties with 3% closing costs that I was able to lump into the loan. I think I went to closing with somewhere around $300. I used a guy named Cliff Ruggles, and he works at the Huntington on Heatherdowns Rd. near the Stranahan.

I am wondering what the DTI requirements are for doing this and how long you have to have these rented out before pulling out equity? Any feedback is appreciated. Thanks.