I've called just about every bank in the area, everyone is doing 70LTV on the commercial side. Anyone know of a bank that will do a 75LTV cashout refi?
I was told fannie mae allows up to 70LTV for a cashout refi on 2-4 Families, so a commercial mortgage seems to be the best route. I just haven't found a commercial lender willing to do it yet. Working on my #BRRRR!
I was in the same boat a couple months ago. I found a lender to do 75% LTV on two rental properties I was refinancing, but didn't wind up using them due to (in my opinion) excessive application and origination fees, and also the interest rates were higher. I don't want to plug their name on here publicly since I have never used them personally so I can't vouch for them, but if you want their contact info shoot me a message and I'm happy to provide it.
East Boston Savings gave me 75% LTV on commercial last month - feel free to DM me for direct contact. It was a very smooth and low paperwork process.