Experiences with Portfolio Lenders
Hey Everyone,
I am trying to get in touch with a Portfolio Lender that will do a cash out refinance on my 3 properties in Ohio. I have exhausted all other options as far as different types of lending that would lend on $75-$85k a door. Looks like I am going to have to bundle multiple properties into one loan, which is fine because it looks like that is my best option to have a chance of getting a cash out refinance on these properties. I have personally never done this type of loan so I was looking for some advice, referrals or any personal experiences would be greatly appreciated. Thank you!
Most Popular Reply
I always recommend to not bundle properties together. You have so much more flexibility if you want to sell any of them in the future. You can also control your cashflow by paying some of them off or refi'ing one that has appreciated etc. I'm in Ohio and in an area where home prices are under 100k so I understand what you're dealing with. Do you know who else understands the local market? Local lenders. Make connections with local mortgage officers and ask about their products. I've found success with this method, especially utilizing commercial loan products. I just got an 80% LTV cashout on at property that appraised for 73K.