Refinance Investment Properties

11 Replies | Philadelphia, Pennsylvania

Hey all, 

Just wanted some thoughts- I live in Philadelphia and am hoping to acquire a property in my LLC. As far as my exit strategy; it is for a buy and hold and am wondering which banks/credit unions do you guys recommend to use in the Philadelphia area to refinance.

What are their typical terms and seasoning periods? Any other requirements?

Hi Vincent,

I'm currently doing a cash-out refinance with PFCU (Philadelphia Federal Credit Union). There is no seasoning period and they do up to 80% LTV. My current terms are 10 years amortization, 5 years fixed at 5.75% and the remaining 5 at a variable rate. What's good about PFCU is that there isn't a minimum property value required to initiate a refinance.

@Michael E. Wow, don't see a whole lot of 10 year amortizations. Guessing the mortgage amount isn't super high considering the last sentence of your message?

Ronald Slagle at Univest worked with me to get my initial mortgage and he was great on my rental home. He's informed me that they do cash-out refi's. 

@Michael E. hey thanks for the response. Yeah I heard about Philadelphia Federal Credit Union providing those simialr terms to others in the area. How long ago did you cash-out refinance this property? Recent?

Your property is under your LLC correct?

I'm starting to hear its getting more and more difficult to refinance under an LLC as financial institutions are updating their rules/policies.

This makes me reconsider purchasing properties under me personally vs. my LLC.

I recently did refinance of couple of my properties in LLC. It's a 12-year balloon loan with 30-year amortization and 5% fixed. They do refi up to 75% of the apprised value if that is supported by the property income. PM me if need contacts of the CU I used

Hi @Vincent Ngo

Welcome to BP.

Typical Terms:

4.125-5.375% Depending on Bank

5  Year Fixed

20-30 Year Mortgage

Some Charge Pre Payment and some Not

Also, this all depends on your credit, debt to income and financials.

Let me know if you have any questions.


Joe Scorese

PFCU is my favorite lender right now. 80% LTV 20 year amortization, 15 year loan.

I DO NOT recommend univest. I just refinances 4 of my loans out of them. I find their lending practices predatory. They are only good for temporary construction loans and good luck getting them approved in a timely manner. With Univest I waited 2 months for an approval before I gave up and went back to my hard money lender, at DMLC, who closed on my loan the following week!

As for refinance, they are only 5 year loans (No they don’t just reset the interest rate at 5 years) the loan ENDS at 5 years and you have to refinance again! Paying a kinds of fees and pay for appraisals! AND they have prepayment penalty’s up to 5 years!! The people are nice, bad loan products.