Private money or bank refi

3 Replies

I need some help from this great community. I am right outside of Philadelphia and own 3 different rental properties. 1 is paid off fully. Obviously i want to keep buying properties but i am here to see if anyone knows a investment friendly bank that might do portfolio loans or any way i can get a later credit line. Would love to hear how everyone is getting capital for their real estate. Thank you in advance!!

If you use a commercial lender for the refi you will keep your DTI in check as commercial loans do not show up on your credit or background reports. On top of the DTI benefits you can expect higher leverage, 30Y fixed options, and the rate will rival what a bank would give you. The closing costs may be higher but I think the pros out weigh the cons by far.

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@Mark Trani give PFCU a call. They did my cash out refi earlier this year and the terms were pretty good. Their underwriting was a bit strict but overall worked out. I needed signed letters from each tenant saying they were still working through COVID, which they were reluctant to give because they thought it would bite them at some point with rental assistance and whatnot. I think we are mostly out of the woods on that and they may have lifted that requirement, but something to consider.