Investor · Pikesville, MD · Member since 2016 · 40 posts · 8 votes
Hello BP,
I have some Rental properties in Baltimore MD that I want to refinace or cash out, Have you worked with in MD, DC & VA area local bank or credit union that's flexible and investor friendly? Would love some recommendations or references.
Real Estate Agent · Baltimore, MD · Member since 2018 · 283 posts · 228 votes
5y
Hey Alex, are your properties in your personal name or in your LLC? When I was looking for a credit union that provided lines of credit, I went on Google, found 10-15 local credit unions, and gave each one a call until one had the terms I was interested in.
I almost did a cash out refinance with Dominion Financial right before Covid (property could be in personal name or LLC). The terms were 80% LTV and ballpark 6% interest. It had skyrocketed to 8% when the market crashed, so I backed out - thankfully all I had vested was an appraisal.
Local credit unions are a hit or miss - I like them for tapping into my own home's equity (as an owner occupant), but some have investor HELOC options as well. Hoping this helps