80% cash out refi in Florida?

[Emilio Pereira]

I have been on a hunt for a lender who lends at 80% cash out refi for an investment rental property in Florida. If anyone could point me in the right direction that would be great! Thank you! 

[Matthew Crivelli]

@Emilio Pereira

Leverage on most investment products was just slashed this week. Multiple large lenders are now maxing out at 70% LTV for a cash-out refi. The ONLY 80% cash-out product I've seen is a 5Y balloon, which in my opinion is not a great product for stabilized rentals.  

[Katherine Blazer]

I work with a few lenders that are still at 75%, but as Matt said, most are at 70%, and rates are higher on the 75%. @Emilio Pereira

[Erik Estrada]

Quote from @Emilio Pereira:

I have been on a hunt for a lender who lends at 80% cash out refi for an investment rental property in Florida. If anyone could point me in the right direction that would be great! Thank you! 

What are you looking to do with the cash? If your goal is to buy another investment property, Instead of refinancing your entire loan, you can do a second position hard money loan and combine it with a first position for a purchase. 

Now if you are looking to hold the cash for more than 2 years, this won't work out. But even then, the cost of holding that cash will be nuts. Pair that with a 5 year prepayment penalty on a DSCR loan and it will hurt.

[Erik Estrada]

Quote from @Erik Estrada:

Quote from @Emilio Pereira:

I have been on a hunt for a lender who lends at 80% cash out refi for an investment rental property in Florida. If anyone could point me in the right direction that would be great! Thank you! 

What are you looking to do with the cash? If your goal is to buy another investment property, Instead of refinancing your entire loan, you can do a second position hard money loan and combine it with a first position for a purchase. 

Now if you are looking to hold the cash for more than 2 years, this won't work out. But even then, the cost of holding that cash will be nuts. Pair that with a 5 year prepayment penalty on a DSCR loan and it will hurt.

 Now if you are looking to pay off some high interest business debt then it could make sense.. There is a lot missing to this puzzle. 

[Lyndsay Zwirlein]

Quote from @Emilio Pereira:

I have been on a hunt for a lender who lends at 80% cash out refi for an investment rental property in Florida. If anyone could point me in the right direction that would be great! Thank you! 

Also how long have you owned the property? If you've owned it greater than 6 months, I have 2 lenders who will do 80% LTV. Let me know if you need more info!

[Dave Skow]

@Emilio Pereira you arent likely to find this and  if you are  it  will be very  expensive

[Jared Rine]

@Emilio Pereira ..it exists out there, but as other posters have mentioned - few and far between and will be expensive.  Most lenders already have been at decreased cash out leverage to 75 or even 70%, respectively.  But 80% is out there. 

[Simmy Ahluwalia]

If you're still looking and the property cash-flows, then yes, we can offer 80%.

[Jack Tulloch]

@Emilio Pereira Market standard is 75% max on a cash-out refi, although some offer 80%. That said, at 80% LTV it will likely be very difficult to cashflow the property. Have you considered looking into a HELOC to tap into the equity? That may be a viable option for you.

[Salvatore Lentini]

80LTV is off the table for now, especially if it's a cash out refi.  If you need to do the refi within the next few months you're better off doing it now at 75LTV at these rates because even if 80LTV comes back your rate will probably be higher and the market value of your property may have dropped 10%.  Then you'll have waited for nothing.