I own a SFR property in Syracuse, NY. I would like to know which is the best lender to talk to for cash out refi up to 80% LTV. Does most lender lend to my LLC instead of personal profile? Please advise. Thanks
I've been speaking with Fulton Savings Bank for a cash out REFI in Syracuse. They will do 75% LTV. The issue I am coming across is the fees and costs of the refi can be very high. I'm looking at pulling a total of 75K out of 2 properties that are worth 50K each and the costs and fees are around 10K - that's 13% just in fees - before you start repaying at X% on the loan. One of my properties is in an LLC and the other is in my name personally. It doesn't make a difference. They will want your personal financials to make the lending decision.
Riggies, we spoke a few months ago how have you been? M&T Bank offers up to 80% LTV. Get a hold of Dan as well, I think he has a few bankers that he can recommend.
@Riggies B tang just thinking out loud, have you consider HELOC vs cash on refinance. My understanding is that the fees in HELOS transaction can be lower compared to refi (esp cash-out refi). I am currently exploring these 2 options and inquiring from banks that can do a heloc on investment property. I however admit that there may be a limited option for a heloc on investment properties out there. All the best
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