Updated almost 8 years ago on . Most recent reply
Help with finding portfolio lender for high networth landlord
I have built a pretty decent sized rental portfolio of 6 condos, two 3-units, a 2-flat, a 5 unit a 6 unit and an owner occupied 4-flat all in chicago. My portfolio has a value of around 5.75Mil and I have 2.7 Mil in debt, including my primary, at an average rate of 3.86%.
In addition to this I have an S-Corp consulting business. As my tax returns have grown more complex getting conventional financing has become increasingly exhaustive with my last fannie mae conforming refinance taking 5 months.
I have around 575 liquid in deposit account in addition to all the equity in my portfolio. I am hoping to find a bank that does portfolio lending and offers better terms through its private banking wing.
Any recommendations would be well received.
I found one lender that through its private banking wing offered 100% LTV interest only cashout-refinance at 4.125%, but I must pledge securities in the amount equal to cash out proceeds beyond 80% LTV.