Investor · Columbus, OH · Member since 2016 · 29 posts · 3 votes
Hey BP,
Anyone in Columbus, Ohio know of a lender that will do a cash-out refi of a commercial multifamily property? I am looking for 75% LTV. Unfortunately, my current lender was just purchased by another institution and my loan officer told me to stay away because appraisals were coming in way too low.
Hi Michael, do you currently own your primary along with the investment property you mentioned above? If so, I know of a lender who will refinance it up to 75%LTV (based off of PP if less than 12mos ownership; otherwise they'll use appraised value after 12mos) Property doesn't even need to cash flow. Only needs to be tenant-occupied and not rural. They qualify you based on fico & equity in the property. Rates are a little higher (7-8%) but they don't verify income/employment or require DSCR/DTI or reserves.
Along with this topic - does anyone know of a lender in Ohio that will refi on the ARV on standard residential rental properties 2-4 units that have been rehabbed without a seasoning period. Or with a seasoning period of less than 12 months?
@Kurt Phillips - Does fairfield national bank no longer do this? Vinton County National bank will sometimes do it, Kingston National bank WILL do it, granted on a 5/1 arm typically (With decent rates).