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49
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Jake Adams
  • Investor
  • Fort Collins, CO
16
Votes |
49
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Flip refi to rental, high LTV

Jake Adams
  • Investor
  • Fort Collins, CO
Posted

Hey BP community, I am in a bit of a pickle. I currently have a flip on the market in Denver that is not selling and hard money note is due in about 90 days. Here is the breakdown:

1st position loan at 2/12 - $486K

2nd position loan at 0/10 - $25K

3rd position loan at 0/10 - $27.5K

Personal money in the deal - $30K

Totals are about  - $568,500

Value of the property is about $600K

Looking to refinance the first loan to a lower rate and rent it out or seller finance the deal. I can keep the second and third position loans in place, but would like to get the personal $30K out

Does anyone have a recommendation for a bank or private lender that will finance around $520K+ (86%LTV) on a rental??? TIA

Most Popular Reply

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7,695
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Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
7,862
Votes |
7,695
Posts
Caleb Heimsoth
  • Rental Property Investor
  • Durham, NC
Replied
@Jake Adams Most conventional lenders will be at 80 or 75 LTV. Have you tried a community bank or some of those larger nation wide ( corvest finance etc) for a high LTV loan? How did you get 3 loans on this property...

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