SE Pennsylvania - REI Friendly Bank?

Question

Been looking for an online or REI Friendly bank in the area that will allow me to scale.

My current bank will not let me Cash out refi on my rental (will be 6 months seasoned in 1 month), will not give me 30 years on an investment property, will not calculate any type of income from the rental property until 1 year is over, ect.

I just missed out on an amazing foreclosure deal right next to my primary (where all my rentals are located) because of my banks terms and conditions.

Been looking and looking, but it seems like no banks are REI Friendly that I have talked to (or there huge lack of knowledge does not allow them to answer questions and I am on the telephone for an hour talking to an uninformed loan officer).

Help!? What bank do you use!?

Andrew Postell · Answer

@Lawrence Paul try posting this in the Pennsylvania forum too. Bigger Pockets has some good state forums with locals that monitor that part of the site. Might get more PA suggestions and less Texans commenting. Just a thought.

Jerry Padilla · Answer

@Lawrence Paul

They must have a lot of overlays. Many loan officers don’t focus on investor financing.

You can cashout refinance at 6 months, and actually start the process  now, since you are only a month away.  A SFR investment property is going to get you an LTV of 75% and a MFR is going to be an LTV of 70%. Rental income can be counted at 75% of lease agreement if too soon to be reflected on tax returns. 30 year fixed shouldn’t be a problem. This is all for conventional though. Is the property in your personal name or an LLC?

Mike McCarthy · Answer

@Lawrence Paul I have a mortgage guy who I’m happy to pass along their info. He’s helped me with a couple 6-month cash out refis so far and has made the process pretty painless. Or at least as painless as any mortgage can be.

Drop me a PM and I’ll share his details.

Paul Defngin · Answer

@Lawrence Paul start application, lock in your rate now, and do appraisal when you hit the 6 months mark. I do it all the time with my investor clients.

That’s unfortunate that your bank won’t do it, but you have plenty options.

DM if you have any other questions.

Paul Defngin · Answer

@Lawrence Paul wow that’s pretty crazy. If you’re trying to do cash out based on current market value and you did not pay cash for the properties, then you only need just 6 months.

SE Pennsylvania - REI Friendly Bank?

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