Anyone successfully completed a cash refi with LimaOne Capital?

[Jaye Seay]

I'm considering a strategy where I would purchase turnkey properties all cash and then once rented, do a cash refi and repeat the process.  This is one strategy that I have come across that I think could help me grow my portfolio faster.

I have engaged with conventional lenders but I think I would need private/portfolio lenders to execute such a strategy.  I have discovered two portfolio lenders that might be able to help; LimaOne Capital and Peak Asset Lending.

Has anyone recently completed a cash refi with LimaOne Capital's Rental 30 program?  If so, was it a fairly smooth process with them?

Thanks!

[Sebby Gabre Madhin]

We used them last February /March for a combination cash out refinance and new purchase. All things considered it was a positive experience.
We are looking at them again now, along with Colony American and B2R because we are now ready to do cash out refinance on several more properties that we have acquired over the past year.

The only issue I see for you, if you are looking to do cash out refi, is that they tend to have their best rates at fairly low LTV, so much better interest rates at 60 or 65% then at higher LTV. This may be a real issue for you if you are buying turnkey, as you will be leaving a lot of cash in the deal if you are buying anywhere close to FMV and haven't had significant appreciation, or are trying to refi without seasoning (I think they require one year seasoning now (!) It was only 6 months last year.

So, look at them but make sure the numbers work for you, I'm not sure that you won't be better off with a portfolio loan from a local bank (if that is an option for you)