Best conventional 10 year fixed rate loans for prooperty investoC

[Thomas D.]

I am a property investor in Cleveland, Ohio,  and a  licensed Ohio electrical contractor. I am looking to do a cash-out refinance on several properties that I own in the Cleveland, Ohio area.  I am looking for advice on the best conventional lenders for non-owner occupied properties. I am currently with chase bank. Looking for a 10 year fixed rate conventional loan. I have exceptional credit. Thanks for any feedback.

[Don Petrasek]

@Thomas D. I just finished a conventional cash out refi with First Federal of Lakewood. They were investor friendly & did a good job. Also did one with Huntington recently - would recommend them as well for conventional. they had a good non-conventional option as well that I ended up going with (15/1 ARM, fixed for 15 yrs then 1 yr ARM - rate was lower than fixed).

I think Dollar Bank will do your loan as a blanket across multiple properties but any bank that will do this will be doing it as a commercial loan which means adjustable rate -fixed for maybe 5 yrs then adjust or balloon.  

You should always go with the longest amortization possible for investment property financing....for conventional that's 30 years.  You can always make the 10 yr payment on a 30 year mortgage and pay it off in 10 years without a penalty.  The rate may be a little higher on a 30 yr,  but having a much lower min payment is for sure worth it in case anything unexpected happens.  

PM me if you want loan officer contacts at the banks I mentioned above.