All Forum Posts by: Arijit De

Got it. Thanks for the detailed info @Chris Svendsen

Thanks @Giancarlo Orozco. Any suggestions on good HELOC lenders?

@Chris Svendsen From which lender did you do the HELOC? Any contacts I can use to check?

Thanks @Chris Svendsen. Does HELOC get treated negatively in any way from lenders when I apply for a new loan? Can we get HELOC for multiple properties? Also is it the same lender or different ones?

Wow, those are good points. 
@Timothy Hero - yes I am using points to buy down the rates. My current rates are around 4% and with low interest rates, I was thinking of buying down using around 3-3.5 points for rates around 3.25 or so. What do you suggest?

 @Eric Johnson - Buying other property with these funds will definitely have higher ROI but again the extra cost I'm ending up paying is way more and is increasing the debt by almost 50% more than what I get as cashout. Does it still make sense?

Yeah thats what I was wondering. For a cashout of 68K, i am increasing my loan by 100K.

What should be the ideal numbers when refi cashout may make sense?

Anyone?

I am trying to do refi with cashout for 4 properties and thinking of using the cashout to payoff the fifth property. Looking for thoughts/advice from BP experienced folks. Am trying to gauge if it makes sense to proceed or keep as is.

• Average ARV of properties: 140K-180K
• Current Loan Interest rates: 4%
• Refi Scenario
• Total Refi Cash amount: 68000 (Avg: 17K per property)
• Closing Cost that I will pay: 32600 (Avg: 8K per property)
• Monthly Payments: Total remains almost same due to lower interest rates

• Fifth property that I'll payoff may result in additional $400 per month cashflow.

I notice all the loan amount getting increased by almost 7K more than what I'm getting cashout amount.

Does it make sense to proceed with Refi cashout for these properties? OR should I just keep this as is and wait further? I want to take benefit of low interest rate but the 8-9K increase in loan amount plus additional charges about appraisals, etc is making me worry if I should go ahead or not.

Thoughts and comments are welcomed.

Thanks for the responses, everyone. Anyone here who can help me with funding the 2 duplex properties in Indiana - the valuations should be around 160-180K

Thanks @Brian Tunnell I will reach out to the Bryant bank.

@Timothy Hero the purchase price is around 200K.

What kind of loan program with interest rates and term should I be shooting for? Any specific parameters of the loan that I should be cautious about?

Hey all, I am about to go under contract for my first multifamily property a 6 unit building in Birmingham, AL. I was wondering if anyone in the area had any suggestions as to who to go to for financing. I'm looking for 70-75% LTV, 5-7 year term and a 30 year amortization schedule preferably.

I've am working on gathering a list of regional banks and am ready to call their lending departments but I thought before I do I might as well see if anyone on BP has a reference that they have worked with before with success. All suggestions are welcomed. Thanks!