Looking for a cash-out refinance lender in Buffalo NY

[Jo W.]

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 :)

[Tarik Turner]

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)

[Eric Johnson]

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.

[Scott Rauch]

@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.

[Lauren Schifferle]

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?

[Jo W.]

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

[Matthew Irish-Jones]

@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.