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Updated almost 4 years ago on . Most recent reply

Cashout Refinance 3 Family Properties
Hey Everyone,
I own three 3 family properties. I purchased them in the past 2 years. I've completely remodeled one of them and am almost finished with the other two and along with the appreciation we've seen recently I have a good amount of equity. I am trying to determine all of my cashout refinance options. Most places I speak with are offering 70% LTV. One local bank is offering 25% LTV. I was wondering if anyone knew of any lenders that may be able to offer at least 75% LTV as I would like to not be reliant on one option. I'm willing to do a commercial loan or residential loan. I'm not sure if I will have more options if I wait until I am ready to refinance all at once. If you are a lender, can suggest a lender, or just have general knowledge to share that maybe be helpful please let me know!
Thanks everyone,
Will
Most Popular Reply

Fannie and Freddie cash out 2-4 unit investment, both capped at 70%.
A non-agency option will have some combination of higher rate, worse terms, or higher fees. Suppose it costs 1% in higher fees. That means of the 5% additional you are pulling out, fully 20% of it is going to junk fees. That's expensive borrowed money...