Recommendation on Cash Out Refi

[Tingjun Lei]

Hello all BP Pros,

Want to get your opinions on this. Thanks in advance! I am trying to do cash out of my rental property. It's a single family home at south FL, purchased with all cash, free and clear, rented out. I was trying with one lender who said they can do the cash out at the beginning, but then after reviewing my 2016 tax return, which claim a loss on a K-1, they said they can not due to the debt to income ratio would not qualify (comes to negative..). So I turned to Finance of America Commercial (former B2R) and they said they don't need to check the tax return doc, but only lease agreement. The term sheet they offer is:

-75% LTV

-30 year fixed, rate at 6.88% with $689 to buy down

- 1% of loan amount

- Processing fee: $795

-Attorney closing fee: $500

-Title review fee: $500

-appraisal fee: $660

-$750 closing with LLC

and other regular closing cost.

They also have different buy down options, the lowest rate they can offer is $9500 buy down and rate is down to 5.5% 30 year fixed. I used B2R before when they offered 6% and 30 year fixed without buy down, but they no longer offer this rate. So want to get your opinions about this term sheet. And most importantly, if you have used/known other lender can do this no tax-doc loan with more competitive terms, please feel free to reach out to me, much appreciated!