Bank? Mortgage Bank? Mortgage broker? Portfolio Lender?
So I begged, borrowed, and stole (not really) to build my portfolio up to just short of 3 mil in 8 properties. I'm looking to cash out refi. I have been working with a small bank for 3 months and they still don't have it done. They are offering 5.25 on a 20 year amor, with a 75% LTV on a 5 year balloon. My score is in the mid 600's, and the DCR is about 1 point 3. I would end up walking away with about $500,000 in cash and a payment about what I am paying now. They came back today trying to change the deal to a LOC for $350,000 of the expected cash out. I am starting to get frustrated at the deal taking so long, and I would rather have cash then a line of credit. I started calling banks today and after several discouraging calls I am stating to think that I am either looking at the wrong type of lender or my deal is as good as I can hope to get. Any thoughts? Should I be looking at mortgage banks? Brokers? Any other type of lender? In in Pennsylvania in Bucks County. I have 1 commercial building, 1 duplex, one 3 unit and 5 single family.