Does anyone have a recommended investor friendly credit union or bank in mid Michigan?
Looking for conventional with at least 70 LTV based on arv
Also any recommendations on a portfolio lender with good terms on short arm loans?
@Brian Brusich I worked with Jake Slobin from Mortgage 1. He is based in Farmington, MI but he was working with me on a property in Grand Rapids and was a fantastic resource and loan officer.
@Scott Passman thanks!
Hey @Brian Brusich ,
I am using Lake Michigan Credit Union for conventional financing. They are pretty good to work with in my experience. Both for primary residence and investment properties.
I have a few lenders for that - Brent with Silverline Lending - he has several programs
@Andrew Russell LMCU told me they would not offer cashout refis on bon primary residence
@Scott Passman I was told the seasoning period was 1 year for cashout refi, is this your experience?
@Brian Brusich The only cash out refi I have done was on my primary residence which I had lived in for well over a year. It is my understanding that different lenders have different requirements, most common seems to be 6-12 month seasoning period. If you are looking for a shorter seasoning period I would call around to different lenders until you find one who will do that.
How long have you owned the property?
Did you pay cash for the property?
You can cash out refinance based on appraised value after 6 months - and start the process sooner than 6 months - just close on the loan after the 6 month mark. A SFR investment property will get you an LTV of 75% and a MFR 70% LTV.
If you paid cash for the property, you could cash out sooner with delayed financing. It would still go according to appraised value but you would be limited to a max of your initial purchase price plus closing costs.