Investor · Kansas City, MO · Member since 2014 · 17 posts · 12 votes
Hi BP Community - I am in the KC market and I have a 4-plex which has been renovated and fully rented. I have owned the property for over 6 months. I am ideally looking for a lender that would cash-out refinance out at 75% LTV. I am finding many lenders with 70% refi. That additional 5% would mean a lot. My credit is excellent and w-2 income is strong. Hoping to refinance with a 30 year note. Does anyone know of local/regional banks/CU's that would refinance at 75% LTV? I have read that there certainly are lenders that do it. I am just having trouble finding them. Really appreciate any guidance on this!
Real Estate Agent · Kansas City, MO · Member since 2018 · 262 posts · 250 votes
6y
@George White
Hey george, congrats on the 4plex rehab! Here's a list of credit unions I was told do 75% LTV - I am waiting a few months before I do mine so I'm not 100% sure these CU's are still doing that product but I hope this list of local CU's may assist you and I appreciate any feedback!
Community America
Mazuma CU
Edison CU
KC credit union
Heartland community CU
Azures CU
I’ll look through more of my resources I have saved in the past and assist you onward with any information I find out. Best of luck!
Hi BP Community - I am in the KC market and I have a 4-plex which has been renovated and fully rented. I have owned the property for over 6 months. I am ideally looking for a lender that would cash-out refinance out at 75% LTV. I am finding many lenders with 70% refi. That additional 5% would mean a lot. My credit is excellent and w-2 income is strong. Hoping to refinance with a 30 year note. Does anyone know of local/regional banks/CU's that would refinance at 75% LTV? I have read that there certainly are lenders that do it. I am just having trouble finding them. Really appreciate any guidance on this!
Fannie and Freddie will only go up to 70% LTV on 2 to 4 unit cash out. You'll need to find a portfolio loan, private money or a commercial loan if you want to go over 70% LTV.
Investor · Kansas City, MO · Member since 2014 · 17 posts · 12 votes
6y
Thanks Shaun. I have read that smaller banks/CU's may hold their own mortgages and thus can go up to 75% on cashouts for 2 to 4 units. I suppose those banking resources are the type that I am searching for. Is this true or am I understanding it incorrectly?
Real Estate Agent · Kansas City, MO · Member since 2018 · 262 posts · 250 votes
6y
@George White
Hey george, congrats on the 4plex rehab! Here's a list of credit unions I was told do 75% LTV - I am waiting a few months before I do mine so I'm not 100% sure these CU's are still doing that product but I hope this list of local CU's may assist you and I appreciate any feedback!
Community America
Mazuma CU
Edison CU
KC credit union
Heartland community CU
Azures CU
I’ll look through more of my resources I have saved in the past and assist you onward with any information I find out. Best of luck!
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
6y
@George White
Community America will do 75 LTV cash-out if you have held for a year. It will be a 20 year am with a 5 year ballon. If you can get that Fannie product at 70 LTV and plan to hold long term I'd probably go with that! Other local commerical banks will likely have similar terms to Community America. Be warned that local banks in KC are increasing down payment requirements, many are up to 30% down. This may be the case on Commerical cash outs too. Another reason why Fannie debt is a good choice.
Real Estate Broker · Dix Hills · Member since 2020 · 6 posts · 1 vote
6y
@George White hey there it’s chidiebere I would like to connect with you and learn more about your business goals . I see your a real estate investor. I love connecting with other like minded people to share value and become a helping hand. Best chidiebere