Cashout Refi Owner Occupied duplex - 90 LTV possible? Upstate NY

[Joshua Powell]

Title says it all, looking to cash out refi the duplex I bought 8 months ago. Spent a fortune on renovations since I had no idea what I was doing, but I learned alot and have at least raised the value a bit. Owe $123k on the property and see the ARV being between $185k-$200k (being conservative of course). I tried a few banks and credit unions and they all keep saying 85 or 90 LTV is not possible on a cash out refi of a duplex even though its owner occupied. Anybody able to shed some light on this or recommend some lenders in the area that would?

[Jaysen Medhurst]

Nope, not going to happen, @Joshua Powell. Not right now anyway. Many lenders are putting a hold on cash-out refi no matter the LTV. You may be able to open a HELOC and tap into some of your equity. Start calling around to all of you local banks and CUs. Lending standards are tightening, so don't delay.