Looking for banks in Columbus offering Refi on 75% of appraisal.

[John Horner]

Hello BiggerPockets network!  I come to you yet again with a question on rental refinancing.

So here in Columbus we have found a bank that offers 75% LTV loan on rentals using ONLY the appraised value. The problem is we are at a point after 7 refinances with this bank that they want those loans to season before loaning more. I am looking for another bank in the area who is also doing loans on rentals based on 75% of appraisal.

My problem is that most banks are using 75% Loan to Cost, which means they will only lend 75% of what you have into the property. The issue is that we are finding deals where we are all in at 60% of the ARV, and most banks will still only loan 75% of that, which is much less then going off of an appraisal.

If anyone can help please feel free to chime in!

[Ryan West]

Hey John, We do refinances to 75% LTV (can go up to 80% of appraised value) on rentals and can even do it on blanket (multiple properties) under one loan; depending on how the property cash flows in conjunction to how you cash flow globally we may adjust our LTV. Hopefully that helps.