80% LTV Portfolio Lending with Credit Unions?

[Will Gaston]

All:

Has anyone done any portfolio lending with a Credit Union on SFHs or Duplexes?  I'm looking to Re-Finance a very large note so that I can take some cash out, but will have to also pay a very high pre-payment to do so.  Most locals banks in my market (Columbia, South Carolina) will only do 75% on a cash-out.  I've heard that some Credit Unions will do 80%.  

Anybody ever done this with a Credit Union? 

Anybody know of any regional/national brokers that will go to 80% on SFHs/duplexes?  (Not interested with high prepayments like B2R, Lima One, etc. )

[Daniel Dietz]

What I am finding locally is our smaller banks and credit unions are willing to do up to 80% on both original loans and cash outs assuming the appriasals are there etc... One of them will only lock for up to 5 years with a twenty year amortization, and the other will lock for 10 years with a 25 year amortization. Both will allow up to a 10% 2nd on purchases (meaning we bring 10 and the 2nd is 10%) but the numbers must still work cash flow wise etc....

Dan Dietz