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Refinance Multifamily Properties
Hi I'm looking to refinance two Multifamily properties that have been repositioned. Im curious which lender provides the best terms for a refinance? Im looking for 80% LTV and 25+ years amortization.
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Have you spoken to any local banks and credit unions? These seem like ideal properties for a local lender. I would reach out to all local banks/credit unions within 45 minutes of your properties, and see what they can offer you. Your terms are not unreasonable. This way you also save on the mortgage broker's fee.
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Quote from @Michael Putman:
Hi I'm looking to refinance two Multifamily properties that have been repositioned. Im curious which lender provides the best terms for a refinance? Im looking for 80% LTV and 25+ years amortization.
Hey Michael,
How many units? You can do up to 80% LTV on a DSCR loan if its 1-4 units.
Anything above that and most commercial lenders are at 65-70% LTV. 80% Could be possible on a bridge loan.
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Michael - I agree with Erik. I think most local banks/credit unions have tightened their standards a bit, so I would anticipate a 65-75% LTV from my regional banks with a multifamily property. You never know so it's always worth to call, but wouldn't be surprised if many of them fall within that range. I had a 22 building under LOI assuming 75% LTV, but then I backed out becuase financing was going to be 65-70%. Good Luck!
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Hi @Michael Putman. I see you're local here in Miami. Feel free to reach out. I'm more than happy to run some scenarios for you.
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I would recommend speaking with @Ash Hegde as he is local down here to south FL market. 80% with a 25 year term is more than reasonable. Just be prepared for highish rates at the moment
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To answer your question we need to know the number of units. Multifamily to me means more than five units.
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Quote from @Michael Putman:
Hi I'm looking to refinance two Multifamily properties that have been repositioned. Im curious which lender provides the best terms for a refinance? Im looking for 80% LTV and 25+ years amortization.
Hello Michael,
Depending on your FICO, the units in the property and if the property is (all tenant occupied/mixed use) there are lenders who may be able to do a 80% LTV, 25+ years amortization. That being said, every lender who can do this might be looking for a higher FICO for an 80% LTV