Looking for advice: cash-out re-fi on a 14-unit in Worcester, MA

Looking for advice: cash-out re-fi on a 14-unit in Worcester, MA

Real Estate Agent · Worcester, MA · Member since 2016 · 14 posts · 4 votes

Does anyone in MA (central or eastern) have recommendations for any particular lenders who would give a favorable LTV for a 14-unit cash-out refi? The property has a current value in the $1.3M - $1.5M zone. We have around a $500K balance. Looking for a high LTV on a cash-out. Have done many cash-outs with some smaller 3-unit multis in Worcester, this is the first for a larger complex so I figured I'd put the feelers out there for any positive experiences with similar sized properties.

Thanks in advance!

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Rental Property Investor · MA · Member since 2018 · 34 posts · 11 votes
6y

I’ve refinanced 2 multi families in Worcester with Penfed. Pretty easy to work with, just go to the website & with a little bit of digging you will find this product.

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  • Real Estate Broker · Worcester, MA · Member since 2016 · 20 posts · 10 votes
    6y

    Talk to Jeannie Connolly in the commercial lending dept at Bay State Savings Bank. Excellent to work with.

  • Jonathan BombaciBusiness Member
    Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
    6y

    Talk to Kara Doyle at Jeanne D’Arc Credit Union in Lowell. They have some pretty good commercial products especially if they think it could be a long term relationship. PM me with you email address if you want me to make an introduction. 

  • Real Estate Agent · Worcester, MA · Member since 2016 · 14 posts · 4 votes
    6y

    @Erin Zamarro @Jonathan Bombaci thanks guys! I appreciate it. 

    Any other folks with recommendations, please let me know. 

  • Rental Property Investor · MA · Member since 2018 · 34 posts · 11 votes
    6y

    I’ve refinanced 2 multi families in Worcester with Penfed. Pretty easy to work with, just go to the website & with a little bit of digging you will find this product.

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