Investor · Greenville, SC · Member since 2012 · 269 posts · 187 votes
I'm actively looking to refinance some small self-storage assets. Current LTVs are ~40%. Seeking a higher LTV cash-out refi. Properties located in small markets in the Carolinas.
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
2y
We do them, but I would want to make sure it makes sense for you. I won't do loans for people if it's not in their best interests to do. Keep in mind that rates are higher than they were 4 years ago. Why do you want to refinance? What is your current rate? Is it a balloon? If so, when does it mature? Is this just to refinance rate/term or are you taking cash out? Is there anything wrong with the collateral property? Is it rural, suburban, or urban? How does the property cash-flow? There are also a lot of questions we would have for you personally regarding credit and liquidity. We do them, but one can't be all things to all people. I often refer out loans, particularly to community banks, if their deal would be better.
We do them, but I would want to make sure it makes sense for you. I won't do loans for people if it's not in their best interests to do. Keep in mind that rates are higher than they were 4 years ago. Why do you want to refinance? What is your current rate? Is it a balloon? If so, when does it mature? Is this just to refinance rate/term or are you taking cash out? Is there anything wrong with the collateral property? Is it rural, suburban, or urban? How does the property cash-flow? There are also a lot of questions we would have for you personally regarding credit and liquidity. We do them, but one can't be all things to all people. I often refer out loans, particularly to community banks, if their deal would be better.