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Jon Penhorwood
  • Investor
  • Muskegon, MI
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Refinance friendly Michigan banks

Jon Penhorwood
  • Investor
  • Muskegon, MI
Posted Aug 16 2017, 19:37

Hey fellow BiggerPockets members & Michigan investors!

I am currently trying to find a cash-out refinance-friendly bank in the Lansing (or Michigan) area.  

I own a single family rental property in Lansing, MI in a 50:50 partnership.  We purchased the property with cash (along with upfront rehab) >6 months ago, own it outright, and are trying to find a bank that is easy to work with in order to do a cash out refinance.  

Anybody know of a bank in the Lansing (or Michigan) that they've worked with in the past that had a smooth process w/ the cash-out refi?  

If yes, what bank did you use?    

We plan to get this property insured for the bank; however, did the bank you used also require every other single rental property you owned to be insured as well?  Some banks are telling us they require all other rental properties to be insured, which seems a bit excessive if we're only doing a refi on a single property with plenty of equity.  

Any bank info, tips, & contact info is greatly appreciated.  

Thanks!

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