Kansas City Cash-out Refi

[Michael Magnell]

Hey BP community! In the middle of a cash-out refi with Bank of the West and got some disappointing news today. Purchased an 8plex in Grandview, MO in early 2019 for $280k (all 1beds). Increased rents, introduced new revenue streams and drove NOI up materially by renovating/refreshing units. Appraisal came back at $400k today, but underwriter only approved $250k (62.5% LTV) loan because they are getting more conservative on cash-out levels. Credit score great, W2 income great, property is a cash flow machine.

Anyone have lender recommendations for Kansas City? Would love to shop my appraisal and get it reassigned to a lender who will underwrite more rationally.

[Alex Bekeza]

@Michael Magnell Small balance commercial is a very niche market. However, there are some great nationwide providers who are very aggressive right now on those small 5-20 unit buildings with loan amounts under $1M. Happy to chat. You should be able to find 75% cash out no problem if DSCR is strong as you describe.