80% LTV Cash Out Refi for Triplex?

Question

Has anyone had any success with local credit unions or banks in Austin or San Antonio that would do a 80% LTV cash out refi on a triplex? Triplex is in SA but I live in Austin, I know many local banks have restrictions based on where the owner lives or where the property is. I've started calling around, but would love any recommendations to help narrow down the process.

Jared Rine · Answer

@Christian Hollinger...if you can be flexible on terms, this should be do-able, depending on particulars.  What's property value?  What do you owe?  Is it fully rented?  Need more information...I don't know any local banks, but know lenders who can do this.

Rob Beeman · Answer

@Christian Hollinger We are capped at 75%LTV on cash out refis.

80% rate & term refi on SFR's (but not 2-4 units).

Andrew Postell · Answer

@Christian Hollinger I did run into 1 lender that would lend up to 80% on a Single Family Home (they charged 3 points to do it....so you would really only be receiving 77% even in that scenario) but I have not heard of any lenders who would write 80% on a multi-unit property. Very sorry.

@Andy Webb thanks for the mention.

Christian Hollinger · Answer

Thanks @Andy Webb, that's my understanding as well but I know a handful of local banks / credit unions have the potential to take on a portfolio loan at 80% LTV.

Raymond J. Rodrigues · Answer

I’ve seen this LTV done on portfolio loans, but conventional loans do not allow such a high LTV.

Eliott Elias · Answer

You may be able to get 80% LTV if you claim it as your primary residence

Adam S. · Answer

@Christian Hollinger

Not sure about the market. I have a few local credit unions that will go to 85% LTV depending on borrower strength. I heard David Greene say recently that being that person who calls all the banks and credit unions in the area and getting their terms will help you and other potentially. Good luck cashing out!

Andy Webb · Answer

@Andrew Postell can probably confirm, but if I am not mistaken you are limited to 75% LTV on a cash out refi on investment property.  Maybe that is just FNMA...

80% LTV Cash Out Refi for Triplex?

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