Is it possible to get a Refi on a house that’s valued at $40-60K?

[Zev Dobuler]

I'm looking to purchase a few rental properties in Rochester NY. I have the cash to buy them but would like to Refi after a few months and pull most or all my cash out. However most conventional banks have a minimum loan requirement of $75K with 75% LTV which means property needs to be $100K to get a refi. Other lenders will do a minimum loan of $50K at 75% LTV which means house needs to be appraised at $70K. Rochester cash flows very nicely but values are low. Most of the properties I'm looking at are about $40K-$60K ARV.

Anyone been able to refi with houses at this level and if so with who?

Thanks!

[Paul Bowers]

What about acquiring a few of them and then do a single portfolio loan on all of them together?