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Updated over 5 years ago on . Most recent reply
Loan questions for Cleveland
Let's say, I were to cash out and refinance the property for $70,000 and the property is worth $100,000 dollars; at 70% ltv. Can I HELOC the rest or a certain percentage of the equity of the property or an identical loan package. Is anyone aware of Portfolio lenders in Cleveland, Ohio that have relationships with investors. Looking to build long term relationship with a good lending institution(s).
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Originally posted by @Bobbie Dancy:
Let's say, I were to cash out and refinance the property for $70,000 and the property is worth $100,000 dollars; at 70% ltv. Can I HELOC the rest or a certain percentage of the equity of the property or an identical loan package. Is anyone aware of Portfolio lenders in Cleveland, Ohio that have relationships with investors. Looking to build long term relationship with a good lending institution(s).
If it's non owner occupied lenders are going to want you to have at least 25% into it. An owner occupied property you can refi into the max amount of leverage at around 96.5%.