Cash-Out Refi on Low-Income Multi-Family Houses in Cleveland Ohio

[Jacob Silvermetz]

Last month, I purchased a portfolio of 10 low-income houses with 21 rental units in Cleveland Ohio, in one blanket purchase agreement for $250,000. After renovations of between $50,000-$60,000 the ARV is conservatively estimated at $360,000. the purchase and ongoing renovations were financed using private loans, unsecured bank loans, and some personal cash, so the houses were purchased without any liens/mortgages.

I plan to perform a cash-out refinance on all properties within 14 months of owning them, using either a portfolio lender or multiple residential loans. I have seen MB Finance listed as a potential lender for as low as $25,000 at 75% LTV, which could work for my needs, and I wonder how their terms look.

Can you share previous experiences with lenders that support cash-out refinance loans around $25,000-$30,000 in Cleveland Ohio?

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For reference, the following 10 addresses are near to the 10 purchased properties. Identifying a conservative and reasonable ARV has been tricky, so perspectives are welcomed on the $360,000:

4500 Bush Ave, Clark Fulton, 44109

3800 E 143 St, Mt. Pleasant, 44128

10300 Shale Ave , Woodland Hills, 44104

16100 Arcade Ave , North Collinwood, 44110

14000 Hale Ave, North Collinwood, 44110

800 Wayside, South Collinwood, 44110

3200 W 58 St, Stockyards, 44102

2000 W 83 St, Detroit Shoreway, 44102

1200 E 60 St, St. Claire Superior, 44103

10500 Mt Auburn Ave, Woodland Hills, 44104

Thank you very much.