Anyone know of lenders that do cash out re-fi on lower value properties?
We can achieve great cap rates on properties that are in the 40-65k range, but notice most portfolio lenders don't go below a loan value of 50k typically (meaning total property value needs to be 72k and up).
Would love any advice on connecting with lenders that would say cash out a 45-50k value property with a renter at 700 after some seasoning period.
@Jeremy Resmer Smaller banks or credit unions in your area - you just have to keep calling. I've received a few below $50k in my area, but it is somewhat difficult.
I recently spoke to US Bank and they will loan down to $20K. I believe Penfed Credit Union will go down to $25K but give them a call to verify.