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Updated about 6 years ago on . Most recent reply

Cash Out Refinance / Portfolio Lenders Tampa Bay Area
Hi BP,
I have just closed on my 5th buy and hold deal :). The property was purchased and renovated for cash using funds from a HELOC. The strategy is to do a cash out refinance to pay down the HELOC and hold a mortgage on the new property. This will be my 5th financed property, and I am having difficulties trying to refinance.
My loan officer has informed me that due to new guidelines, on a fifth mortgage, I can only do a cash out refinance with 70% LTV on the Purchase Price, NOT the appraised value. With these terms, the cash from the refinance would not be sufficient to pay my HELOC.
I was told that a portfolio lender may be able to loan me with different guidelines. Any other ideas or suggestions? Any recommendations for Portfolio lenders St Petersburg/Tampa Bay area?
Thanks!
Felix
Most Popular Reply
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Felix,
I'd be happy to do an introduction to my commercial lender, send me a PM with your email address and I'll introduce you. He works for a local credit union and has been great.
Thanks
Rob