Residential Real Estate Broker · Aurora, IL · Member since 2017 · 96 posts · 45 votes
I have a handful of RENTAL properties I want to perform a 75%+ LTV cashout refinance upon and get a rate better than 5.50% amortorized over 30 years or more. Who lends in Illinois and can help me out?
Lender · Schaumburg, IL · Member since 2015 · 833 posts · 774 votes
8y
@Sean Morrisey you're not going to find anything much lower than that without paying points. That's about the going rate on a Conventional investment property cash out refi to the max 75% LTV. Assuming you have 740+ credit and these are 1-unit properties, maybe 0.125%-0.25% lower. Portfolio loan rates are likely going to be much higher than Conv.
Rental Property Investor · Normal, IL · Member since 2016 · 170 posts · 85 votes
8y
You might Try First Financial in Bloomington, IL. I worked with Chris Hudgens on my first loan for a 4-plex and he's awesome! I told him eventually I'd like to explore portfolio loan once I get a few more properties and he acted like we should be able to figure something out. If he can't help you I'm sure he'll be very up front and likely even have a recommendation as to who could.
Lender · Schaumburg, IL · Member since 2015 · 833 posts · 774 votes
8y
@Sean Morrisey you're not going to find anything much lower than that without paying points. That's about the going rate on a Conventional investment property cash out refi to the max 75% LTV. Assuming you have 740+ credit and these are 1-unit properties, maybe 0.125%-0.25% lower. Portfolio loan rates are likely going to be much higher than Conv.
Lender · Chicago, IL · Member since 2017 · 438 posts · 193 votes
8y
Sean, we have done lower (and recently mind you) depending on the other specifics...property type, loan amount, credit score, number of financed properties, etc. Happy to chat - please PM me.