Best Cash Out Refi Banks in Buffalo, NY

Private Lending & Conventional Mortgage Advice
6yFollow

Best Cash Out Refi Banks in Buffalo, NY

Steve C.
Real Estate Investor · NY · Member since 2013 · 27 posts · 6 votes

I own 5 , two family residential rentals that are in LLCs but am considering transferring to my name for better rate or LTV numbers. Looking for what bank is easiest for small landlords with best rates, LTV offerings etc. Three are free and clear and two with small private loans. I want to cash out and make new property purchases. Thanks!

0Reply
22 views

Most Popular Reply

Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
6y

@Steve C. if you own them in LLC's you will need a commercial lender. Loans are a bit harder to come by now then they were 5 months ago due to Covid.

Shoot me a DM and I can recommend some local portfolio lenders.

Irish Jones Realty4.947 Reviews
View Page
1Reply
See this reply in the discussion

6 Replies

Jump to latestLatest
  • Mark Lewis
    Investor · Member since 2018 · 32 posts · 14 votes
    6y

    Hey Steve,

    Sounds like you have a plan. I am in the process of a commercial loan right now through AmeriCU Credit Union and they are pretty solid. Hit up Benjamin Mack for more info, they cover all of New York.

    https://www.americu.org/business/

    Mark

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    6y

    Try Trustco Bank

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    6y

    @Steve C. if you own them in LLC's you will need a commercial lender. Loans are a bit harder to come by now then they were 5 months ago due to Covid.

    Shoot me a DM and I can recommend some local portfolio lenders.

    Irish Jones Realty4.947 Reviews
    View Page
    1Reply
  • Samantha Epps
    Buffalo NY · Member since 2018 · 5 posts · 0 votes
    5y

    @Steve C. curious to hear what bank you ended up going with?

    0Reply
  • Steve C.
    OP
    Real Estate Investor · NY · Member since 2013 · 27 posts · 6 votes
    5y
    Originally posted by @Samantha Epps:

    @Steve C. curious to hear what bank you ended up going with?

    Hi Samantha. I haven't refi'd the house yet. There is so little inventory to buy now it is hard to find deals. I'm waiting a little longer to see if the market opens up. I ended up renovating a double of mine and bought a 3 unit with a VA loan and 100% financing in the mean time.

    Do you have a good bank that you work with locally? 

    0Reply
  • Samantha Epps
    Buffalo NY · Member since 2018 · 5 posts · 0 votes
    5y

    @Steve C. I've used Northwest for a conventional mortgage on my second double but am now hoping to refi, cash out, and move onto the next one. I had a good experience with Northwest but was looking for a recommendation on banks that are willing to work with small landlords and provide good rates. Unfortunately I don't have any recommendations of my own, but will drop a line on this thread if I hear of anything!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free