Portfolio Lenders - Are They Any Better?

[Lori Lusk]

Hello BP!

I am a new investor in the Puget Sound - more specifically, targeting Snohomish and Pierce Counties. I have been shopping local bank and credit unions for rates on a cash out refi and HELOC on a rental that my husband and I currently own.

I have probably contacted about 10 different lenders, big, small, recommended on BP, etc... and I really haven't found that they stray from Freddie Mac/Fannie Mae guidelines. The best that I have found for my situation (value = 290k, first mortgage = 167k) is 75% LTV on a cash-out refi, and 70% LTV on a HELOC. I'm looking for more access to cash, so a higher LTV %. Does anyone have any advice, or is this as good as it's going to get?

Thank you in advance for any thoughts/suggestions!