Looking for a cash-out refinance lender in Buffalo NY

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Looking for a cash-out refinance lender in Buffalo NY

Jo W.
Real Estate Agent · Buffalo NY · Member since 2017 · 68 posts · 33 votes

Hi,

I will be buying and renovating a property without a loan and would like to pull out the money after the rehab is done and the property is rented.

I spoke with a few lenders and the problems I'm facing are:

1. Seasoning requirements of 12 month.

2. Limit of loan amount up to the purchase price.

3. Not lending to LLC so it has to be on my personal name.

I should be the prefect borrower (Credit score over 800, w2 income, rental experience for over 3 years, very low DTI).

Is there a lender you worked with and had good experience with? Please share :)

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Eric Johnson
Lender · Chicago, IL · Member since 2016 · 653 posts · 313 votes
5y

Hi Jo, that's pretty common. I've remedied this situation quite a few times in a number of ways. Your cash-out LTV will be limited to about 70% right now, but it's possible. Even lending in an LLC.

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  • Tarik Turner
    Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes
    5y

    Keep searching. If you are looking at conventional loans there are some with only 6 month seasoning requirements, If you are in need of a refi sooner there are portfolio lenders with shorter refi periods but higher rates.. (All based on the appraised value)

    0Reply
  • Eric Johnson
    Lender · Chicago, IL · Member since 2016 · 653 posts · 313 votes
    5y

    Hi Jo, that's pretty common. I've remedied this situation quite a few times in a number of ways. Your cash-out LTV will be limited to about 70% right now, but it's possible. Even lending in an LLC.

    1Reply
  • Scott Rauch
    Rental Property Investor · Orchard Park NY · Member since 2018 · 17 posts · 3 votes
    5y

    @Jo W.

    Hi there. I also buy and hold properties in the Buffalo area. I currently have 6 doors and I'm looking for more. I purchased a duplex with cash and then pulled out a cash out refinance loan after it was rented too. Similar situation as you. The property in not under an llc. The bank I used was the Bank of Holland in East Aurora. They gave me a commercial loan. LTV was just under 80% depending on your assessment,etc. Hope that helps.

    1Reply
  • Lauren Schifferle
    Buffalo NY · Member since 2015 · 2 posts · 1 vote
    5y

    Call 5-Star Bank. I've done a number of cash-out refinances through them. Which banks that you've spoken with aren't allowing your refis?

    1Reply
  • Jo W.
    OP
    Real Estate Agent · Buffalo NY · Member since 2017 · 68 posts · 33 votes
    5y

    @Lauren Schifferle Thank you! I will try them.
    I spoke with Evans bank, Key bank, and a few other smaller places.

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    @Jo W. there is a local lender that will do 80% LTV and does not require a seasoning period. Shoot me a DM and I will introduce you.

    Irish Jones Realty4.947 Reviews
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