Columbus, Ohio - Cash-out refinance lenders

[Anna Milligan]

We have had our first rental property for 6 months now. We paid cash and we're ready to get a mortgage on the place. We want a 30 year fixed - and we are not interested in a 5/1 ARM which everyone seems to try to sell to us. I have a start... I have talked to 4 people AT THE SAME BANK because this is the bank with crazy-low closing costs. One guy said that my name had to be on the title for 12 months before they would do anything, another guy said they would only lend 75% of purchase price until we've owned it for TWO years (we bought cheap and dumped a TON of $$ in it, so this is no help at all).  The last guy, who is crazy slow to respond to anything, says that we can do 30-yr-fixed loan for up to 75% appraised value but he is saying a 4.625% rate (which seems quite high) and I have to pay points!  I'm just really not pleased with the options.  I was locked onto this bank because of the draw of the low closing costs and now I'm thinking they just don't offer what we're looking for.  I had no idea it would be so difficult to find a mortgage 6 months after purchase! 

Who have you used for this type of mortgage product?  Suggestions?

[Jeffrey Hotz]

Anna, I have an option for you. I know they don't lend in Cleveland (cuyahoga county) but sure Columbus is ok.

I often am able to find property where I can cash out refinance after rent rehab with almost no seasoning. I like to stay under 65% leveraged, and have a few assumptions I use in order to know it's sold cash flow on the back end. It's a strategy I've used now for a few years and have a few lenders that will lend under 75% based on ARV, 30 year am.

Message me and I can share contact.