Cash Out Refinance 80% LTV?

Question

I'm in Anchorage, Alaska and have own a 4-plex I'm looking to BRRR.  Looking for a lender that'll do a 80% LTV cash out refinance on an investment property.  I purchased this 4-plex last year and did some rehab & remodeling work on it.  The property has no lien on it, I purchased with cash and did renovations from my HELOC which sits at $124,000. New roof & high efficiency boiler within the last 3 yrs.  Value to be around $400,000 with a monthly rental income of $4,250.

I know lenders that'll do 75% LTV, and before have read about and seeking 80% LTV cash out refinance.  I. have excellent credit 800+ points with decent income.

Looking to put the cash from the refi towards a big apartment building.

Feel free to PM me with any information that'll work for me.

Thanks

-Mark

Valerie Buss · Answer

Hi Mark, check with Cecilia Jarvis at Residential Mortgage. My husband and I use her for all of our non commercial lending. We did a BRRR last year with an 80% cash out refi but we owner occupied. I am not sure if she can give you 80% for an investment property but she is definitely worth talking to!

Tyler Warrick · Answer

Nice work, @Mark Nicholson! Checking in, did you end up moving forward with the large apartment building?

Erik Estrada · Answer

Those terms do not exist right now. You can get 75% LTV in the low 7s with an excellent credit score, anything above 75% will be in the high 8s and many lenders do not go that high of an LTV. Cash outs are slowly starting to tighten up as many investors in the secondary market do not want to buy them unless its for a premium.

Nathan Frost · Answer

Do you you do cash outs?  I am trying to find a cash out refinance for 80% below 8%.  Right now I have 75% at 7.5%

Jared Rine · Answer

@Mark Nicholson...did you find what you're looking for?  There's not many out there who will do what you're asking for, but they exist. 80 ltv cash out for non owner exists but it comes with certain caveats. And it's also not going to be conforming conventional loan program/terms.

Timothy Hero · Answer

There's PML's that'll do 80%, but sadly, you're in a state where many of them don't lend.

Ricky Sabogal · Answer

@Mark Nicholson that’s great news!  I have a fourplex in Norfolk, Virginia I would love to talk to them about. Just to make sure I call the right people, their website is rmsmortgage.com right?  If not, can you share the contact info? Thank you!!

Jaysen Medhurst · Answer

@Mark Nicholson, you should talk with all of your local banks and CUs. Every single one. Generally, I find CUs are more flexible. Worst case, do a 75% LTV refi and then get a HELOC to access the last $20k.

Cash Out Refinance 80% LTV?

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