Need to refinance multiple properties at once

[Thomas Solorio]

hello,
I need to refinance 2 homes and one triplex. I also have another single family home that I need to refinance but I’m in a 50-50 partnership with my brother as a successful vacation rental. All my investment homes are in desert hot springs, ca and I currently rent where I live in Avalon, CA. The triplex and airbnb sfr were bought and renovated in 2021 using my own personal credit cardS. I need to pay off my credit cards by December 2022.

I’ve had issues qualifying with the airbnb because the income is not on our taxes yet as we just went live with it in April of this year. But it’s extremely successful expecting to gross min $120,000 + from mid April 15 to December 2022. The other 2 homes are fully renovated and rented and the triplex is partially renovated and fully rented as long term rentals.

Numbers
sfr 1- rented, owe $168,000. Likely appraisal of $400,000

Sfr 2 - rented, owe $156,000. Likely appraisal of $400,000

triplex - fully rented, owe $250,000. Likely appraisal around $550,000- $600,000

Sfr 3 (airbnb home). Owe $180,000. Likely appraisal $600,000. This is split 50-50 with my brother on title.

I need to refinance with all funds going directly to my credit cards. Minimum $200,000 needed.

I appreciate any information anyone has.

[Andrew Garcia]

Hi @Thomas Solorio, 

If you only need $200k, you do not need to refinance every property. If you want additional cash to do renovations, buy more properties, pay off other debt, etc. then you can certainly refinance other properties, though it is not needed.

You have three options to get the $200k.

1. Refinance SFR 1 & 2. You would get around $270k back assuming you take out 75%.

2. Refinance SFR 1, 2, and the triplex at lower LTVs so that you get better pricing.

3. Do a DSCR refinance for the STR SFR. It will have the highest rate assuming the other refinances are conventional but you would only need to refinance one property.

I would try to get the refinance done as soon as possible since rates are expected to continue to rise the rest of the year.

A good loan officer should be able to complete a refinance in 2 weeks so that you can pay off your credit cards in July to avoid the massive interest charges on those.

I hope this helps! Let me know if I can be of any assistance.