Investor · San Diego, CA · Member since 2016 · 17 posts · 5 votes
Does anyone have a great recommendation of a local bank or a credit union that will do a cash-out refinance of an investment property? Property is in Doraville. Please let me know! Thanks in advance.
@Kristen Nguyen they are relatively small so I just go apply online and then they'll call. My contact has been promoted so I'd call and ask for the mortgage department. They only allow up to 4 loans with them and you have to put it in your name, but they are totally cool about transferring back to LLC. Depending on credit investment loans are only about .25-.50 above owner occupied rates. I'll PM you my contact.
All of the lenders based in Atlanta I have talked to are looking to lend to Georgia residents only. Out of state investors have a higher default rate according to the people I talked to.
@Kristen Nguyen they are relatively small so I just go apply online and then they'll call. My contact has been promoted so I'd call and ask for the mortgage department. They only allow up to 4 loans with them and you have to put it in your name, but they are totally cool about transferring back to LLC. Depending on credit investment loans are only about .25-.50 above owner occupied rates. I'll PM you my contact.
I just did a cash out refi on a SFR property I owned out right. The rate they gave me was 4.125% with a 75% LTV. It was easy and quick..closed in 4 weeks. PM me if you want my lender's info. I would get loan estimate quotes from at least 2 or 3 banks to compare. I was happy with this lender and plan to do another cash out refi on my new property now that I just did my first BRRRR.