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Updated about 6 years ago on . Most recent reply

User Stats

4
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0
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Felix Rojas
  • Real Estate Investor
  • Saint Petersburg, FL
0
Votes |
4
Posts

Cash Out Refinance / Portfolio Lenders Tampa Bay Area

Felix Rojas
  • Real Estate Investor
  • Saint Petersburg, FL
Posted

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

User Stats

132
Posts
58
Votes
Robert Curls
  • Investor
  • Clearwater, FL
58
Votes |
132
Posts
Robert Curls
  • Investor
  • Clearwater, FL
Replied

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

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