Looking for 80% LTV cash out refi for duplex in my LLC

[Jillian Shuler]

Hey all. I am finished with my latest BRRR which is a duplex. Tenants secured. Need to cash out refi however my seasoned banker quit, and his new replacement is switching up my terms. I always was given 80% LTV but they took it down to 75% which impacts my numbers. Anyone who can do this deal in PA please reach out to me!

[Jeff Copeland]

The Fannie Mae underwriting guidelines are actually 70% LTV for multifamily investment properties in a cash out refi:

The following is from https://singlefamily.fanniemae...dated October 2022:

What often happens is a loan originator will tell you "Sure, we can go up to 80% LTV on investment properties". But they are referring to the max LTV for a single family home purchase. Once they realize it's a duplex and a refinance, and they run it through their underwriting program, it's probably going to come back at 70%.

You may find a local portfolio lender, or a DSCR or other non-QM product that will go to 80%, but the rates and terms are not likely to be as attractive as conventional Fannie/Freddie backed options.