I am looking to find a lender that does cash out refinance loans for the Orlando area. We have four SFRs owned for 4+ years with good equity, solid management and good tenants and would like to put that equity to work on more properties. Credit is decent (not great, low 700s). Hoping to do 75% LTV loans and convert ownership from personal to LLC (have been slow to do this due to the silly state taxes for deeds in Florida). I use Vectra Bank here in Colorado, but they don't lend in Florida.
Any suggestions are greatly appreciated.
@Thomas Waddle the llc things is tough with many banks. Community banks and private lenders are best bet. I will DM you a private lender that has rates not far off from regular banks.
Thanks, Mitchell. I am OK with private lenders - assuming they aren't overboard on the interest rate. Frankly, a point or so is not a deal breaker to afford the protection we get by having the properties vested in an LLC. Otherwise, I will use a standard bank and put them in the LLC after closing, but that depends on finding the right bank to do the deals.
For conventional you would be able to get an LTV of 75% on SFR with the properties in your personal name. How much are the properties worth? With portfolio lending I see loan minimum restrictions that are higher than conventional - $75k - $100k Loan minimums.
@Thomas Waddle ...what is the value of each property and what's owed? Might be able to help but depends on how flexible on terms. Thanks,
Thanks all that replied with info and that do these kinds of loans. I have been slammed all summer with kids home from college, weddings, etc. and now plan to get back to it on this front. I will reach out in the coming weeks.