Cashout REFI Companies

[Errol Sadler]

Hey BP, how is everyone doing. I've been trying to figure this out for some time but have been unable to so I am looking for some suggestions.  

I currently have 3 (4plex) that I own out right in Georgia and I am looking to do a cashout refi. All units are rented out and I have leases on file for all of them. The deeds are all under my LLC.

Are there any banks, or lenders that you can recommend to help with this situation.  I'm currently on another job and looking to free up some capital.

[Kerry Baird]

I have owned 33 properties, now holding in LLCs. When I filled up my "easy" Fannie and Freddie spots, I moved to portfolio lenders.

I started with the small local (to the property) lenders to include credit unions. I made a file in Evernote and called every single one in my county, and asked about their appetite for lending and kept that in my note, to save me time when I do this again in the future. I also gleaned from BP and created a long file of Preferred Lenders from others who had success, and additionally made notes about those that BP folks had difficulties with.
As also stated above, start with local and then move to the regional lenders. Unless you go to the commercial side of the house, the big banks will be of little help.
Disclosure: I have recently used LendingOne and Visio. I have two loans with Amerihome, originated by Ridge Lending.I like the comment about asking for a referral, as local lenders know what sandbox other lenders play in. If you have a REIA,you may have resources and connections there.
This is my list of Preferred Lenders, gleaned from BP. The only ones I can personally vouch for are the ones I mention above.

Preferred Lenders

First Position HELOC: "All in One" AIO products. Caeli Ridge offers this first position HELOC: 30 year, 80% LTV on home, 70-75% LTV on investment property, no principal due for 10 years.

Here are the few that say they do aggregate or blanket type mortgages:
Upen Patel can do a blanket, Federal Savings Bank
Dayton Capital, FOAC bundles 7+, Corevest 5, Colony American bundles 5+, Visio 3 to 7 in a bundle, Conventus, Mofin will bundle.

53.com will grant Low Balance mortgages under $50k in total value.

FLORIDA LENDERS
STR recommendation on BP Give a call to my mortgage broker, Alaina Johanson at Resource Financial (google her name and company in the 904 area code. https://www.resourcefinancialservices.com/mortgage-banker/alaina-johanson/. Tell her that I sent you. Glen Friedman, Real Estate Agent

https://www.midflorida.com/loans-and-mortgages/home-mortgage/renovation-mortgage/ won’t do helocs on investment properties, nor renovation loans. But highly recommended otherwise.

Florida Credit union. Says quick local decisions. Will do condo loans.
First Florida Credit union.
FairWinds credit union.
Bankofcentraflorida.com Has just a few branches. Will originate loans for investment properties. Also construction to permanent, loans for reconstruction or improvement of existing homes.

Aaron Chapman, http://snmc.com/aaronchapman/Has worked with Jason Hartman and specializes in investor products.

AimLoan.com, a direct lender Low rate on investor duplex, compared to other quotes

All Florida Home Loans www.allfloridahomeloans.com Direct mortgage lender offering loans to all credit borrowers. Can be a seasoned investor, cash out equity. Drama free closings is our motto. No tax return loans, 90% condo, bank statement programs. Investor financing 5+ multifamily. Commercial, private money with our commercial division, critoncapital.com. Private money.

Athas Capital = direct lender based in CA

http://athascapital.com/loan-products/ Non Prime 00, non prime business purpose, non prime bridge, fix and flip

Amerihome Direct lender. Up to 80% LTV. Non-QM.

American Mortgage www.americanmortgagefl.com Locally owned mortgage broker. Steve Mugar, Indialantic. Fixed rate, Adjustable, conventional, FHA 203K, VA, USDA, jumbo.

Barnett Capital- National Hard Money Lender

BB&T Commercial 20 year mortgages, higher rates than other places.

Bighaus: Long term loans, process is 100% online. He can do up to the standard 10 loans doing 20% & 25% down, estimated rate of 4.875% for 30yr loans. He also provides a commercial product. http://snmcloanteam.com/stevebighaus/

FOAC was B2R. Based upon each investor and property. Min loan $1M at 6.75%, 3 points. Dwell Finance is a division of B2R. 7.5% interest + points. Will lend to LLC. Small loan of $130000 at 5.5% 30 year, 70% LTV 2 pos and $890 origination on a cash-out OVER the 5th mortgage. Bob Green- see RPLG Rental Property Lending Group

Bridgewell- bad ratings. 4 pts acquisition, repair credit line extra billing. "If you're looking for private/hard money in Florida, go to Dwell Financial, Civic (Charlie Fitzgerald), RCN Capital, ANYBODY but Bridgewell!" 

C2 Financial Corporation, https://equitybuildershomefinancing.com/loan-programs/investment-property-purchase-or-refinance-loans-in-california/ Investment property purchase or refinance. Broker with access to 15% down payment on rentals…with mortgage insurance. Also portfolio loans.

Caliber Loans 20% down, fixed and ARMs, FICO 620+ 6% seller contributions OK, no prepay, unlimited properties with purchase of primary. Purchase, rate/term, and cash out OK . https://bestcompany.com/mortgages/company/caliber-home-loans/ Ranked #24, A rating. Must contact a representative to get rates. Min 620 credit score. Portfolio lender, keeps loans in house. Delayed financing for cash buyers. 30% down payments for loans up to $2M. Non-QM.

Capital Three Sixty- National Lender, Residential, Commercial & Hard Money Lender (Ask for Jon Finman)Civic Financial = direct lender www.civicfs.com FIX and FLIP PROGRAM 75% to 80% (metro areas, and qualified borrowers) LTV max, fix and flip. Now starting at 7.99% (updated Aug 2019) 90% DSCR. 1 point for a 6 month extension, $100K to $10MM, property valuation fee starting at $300

4 to 10 day closing. Must be Non owner occupied. Bank statement only, interest-only payments, cross collateralization for multiple properties, foreign national program. Can finance up to 100% of the total rehab budget. Max 70-75% of ARV. Additional fee for feasibility, GC review and draws.Chase: good with smaller multifamily.

Commericial Capital Limited- National Mortgage Broker, Purchase, Refinance, CashOut (Foreign National Loans)Community Credit Union of Florida. P. says they do a full appraisal and will refinance, rather than Desktop Underwriting.

Community Investment Corp (CIC)- Illinois Based Multifamily Rehab LenderConventus John T recommended. He put several properties under one note. Rate and term, cash out refi. They provide cash out refi loans for owner occupied residences if and only if the entire loan amount is to be used for business purposes. Minimum FICO 620

https://www.cvlending.com/Corevest. Rental Aggregation Line up to 80% of cost, 18 month terms. Rental Portfolio Loan 75% LTV 5 or 10 yr term. Purchase or refi. Fix and Flip credit line: seasoned investors who want quick capital for multiple projects. Up to 80% of cost. 24 month terms. Revolving optional. Vik P on BP said, "The term sheet I have from CoreVest is 9.95% IO with 2 points per advance (per deal). "

http://www.crefcoa.com/fannie-mae-products.html Multifamily Loan, Fannie Mae Delegated Underwriting and Servicing for 5+ units.

www.critoncapital.com, associated with All Florida, above.

Sign and drive loan 75% LTV, 12 months term, prepay 4-6 mos, interest only. Low doc. 8.5% - 10.99%Quick Bridge, 75% LTV residential investor and 5+ units. 48 months. Prepay depends on term. 8.25-11.25%

Term Loans, up to 80% LTV for residential, 5+ units, office warehouse. 30 year term, 6.5% to 9.49%. Score driven.

Construction loans.

Dayton Capital http://daytoncapitalpartners.com/ Hard Money Property Loans1-4 residential units (incl condos, townhomes & PUDs) Loan-to-Value: Up to 90% of purchase price With Rehab: Up to 75% of After Repair Value (ARV)Transaction Type: Purchase or refinance Rehab Holdback: Up to 100% of purchase price (depends on scope of construction)Interest Rates: As low as 7% (varies based on LTV & experience)Origination Points: Not to exceed 4 points Loan Term: 6 or 12 months Rate Type: Fixed Rate, Interest Only Loan Amount: Up to $1,000,000 ($50,000 minimum)Prepayment Penalty: None Junk Fees: None, legitimate 3rd party fees charged at cost with no mark-ups Closing Process: 10 business days from completed app. Quicker for repeat borrowers Yes, On blanket mortgages.

www.dfwinvestorlending.com  Tony Dely. Aaron Lefkowitz suggested by phone conversation that we use this Florida broker.Dwell. Redirected me to FOAC which will bundle 7 and moreDyer Mortgage Group, small local lender "Customized loans for self-employed borrowers or special/unique situations”

EquityMax http://www.equitymax.com Transactional funding, purchases, refinancing, cash out refinance, rehab, vacant. 75% - 90% of their purchase price. Charles Fischer recommends.

Everbank. Acquired by TIAA.

Equity Trust. Title agent friend did a closing for a woman who did a SDIRA from other people’s IRAs, for people who want to invest in real estate.

Fidelity Bank of Florida, Investment mortgages, very small local lender Joy Winslow VP residential lending https://www.fidelitybankofflorida.com/AdditionalProducts/Mortgages.aspx.

Five Stars Mortgage- https://www.fivestarsmortgage.com/ 20% down national investor

Five Arch Funding, hard money lender. Easy and quick funds.Florida Best Rate- C2 Financial Corp. Melvin List from BP. No overlays. BK ok, FLbestrate.com

Flip Funding http://www.FlipFunding.net Rod Stanback

• 100% Rehab Funding
• Up to 90% of the Purchase price
• Close in 7 days
• No Pre payment Penalty
• No Junk Fee's
• $50,000 Minimum
• Rates start at 7%

FOA 6.75% LC for well qualified investors. Streamlined approval process for under 4 million LOC, no pet or tax returns needed now. Approvals in 5 to 10 days. 5 year seasoning on experience, up to 100% rehab funds. $10x liquid assets qualification 100k in liquid can now get you 1 million loc. Interest only payments on drawn balance from LOC on new construction. Jul 2019

FOAC Finance of America. www.foacommercial.com/portfolio-loan/ 30-45 days. Previously B2R. 90 days seasoning. $2M limit to individual investors. Multifamily loans 5 to 20 units available with portfolio product. Portfolio product 5.5% to 7.5%, with 5 to 10 year term. Option to amortize up to 30 years with interest only option available. LLC borrower. under 980 days 80% LTC and over 90 days, full appraised value. Fully amortized loan, DSCR of 1.15x while interest only loan DSCR 1.2. Nghi Le from BP said, "I was drawn in by FOA's rates and terms. I mean 8% and 1pt? That's amazing. I was originally turned off by their upfront fees (see my earlier post), but I got past that a little and wanted to give them a shot for a deal. Then they told me that they typically close in 30-45, and I said, "Goodbye." That's essentially a conventional loan, but conventional products for rehabbing (i.e. 203k and HomeStyle Renovation) are cheaper. So the market they operate in just doesn't make sense; they can't beat the banks, and they can't beat the hard money lenders." extremely poor communication, incredibly slow, and much like working with a typical bank -- but worse. They keep asking for docs I have supplied multiple times, have missed 2 closing deadlines, ask for info they told me they didn't need for commercial loans, and I really regret getting involved with them now. Stay away. Unless you have 6 weeks to devote to closing a loan and room for a few heart attacks along the way.

FOAC Finance of America Commercial 7+ houses into aggregate. Described as a nightmare.30 yr investor mortgage, FOAC 6.5% - 9% 80% LTV for purchase and 75% LTV for refinance. <90 day 80% LTV, >90 days LTV https://www.foacommercial.com USED to be B2R. Michaela G on BP says appraisals came in low. AngelOak was a disaster for her. Jason Di Clemente uses them. Michaela just used LendngOne and is happy with them.

FFIN First Financial Bankshares. BP recommendation for Texas HELOC and investment property loans.

Gunter Freystaetter, lends in S. Florida. Family Office.One year short terms loans, Minimum 6 months, starting @ 9.95%Direct - closing within 2 days after clear titleGuild Mortgage. Loans for properties 5-10. "They go as far as looking at who's name is on the note so I have 10 and my wife has 10 for a total of 20."

HHS Capital Illinois based Hard Money Lender

Investmark Mortgage HML Contact Mike Hanna.

Iron Bridge Lending Iron Bridge Lending - National Hard Money Lender (Foreign Nationals Allowed)

Lending Home LendingHome.com Types of Properties: Residential properties, Investment properties. Loan Amount: $50,000 - $2,000,000. Leverage: Up to 90% of Purchase Price and 125% of Rehab Costs (via holdback). Interest Rates: As Low as 7.25%* Bridge. 550 FICO

LendingOne Priscilla Z recommends. Direct Lender. Fix and Flip Loans up to 90% LTC, from 7.49%. Rental Loans as low as 5.39% up to 80% LTV. 10 day close on fix and flip loans, and weeks for rental loans. Rental loans are 75% LTV on fixed rate loans. A BP investor got these: $2,500 in points, $695 doc fee, $450 appraisal and the regular taxes/insurance with a ~7% interest rate. They do have a minimum FICO and DTI, hard pull on credit and 2 months bank statements. Michaela also is using them.

Lima One Capital www.LimaOneCapital.com no seasoning, 70 ARV 9.9% 90% loan to cost. Escrow the draws. No prepay penalty, $2000 origination. Full after-repaired appraisal. Orlando investor Stephen Anderson recommends. Bought RealtyShares, used to do BPO but no longer. Denis Brown-Puryear used and recommends.

Marcus by Goldman Home Improvement loan, unsecured https://www.marcus.com/us/en/personal-loans/types-of-loans/home-improvement-loans

Mike Murgatroy - Guaranteed Rate Mortgage. Angie’s List recommended.

Mofin Mortgage https://mofinloans.com/ Rental Property and Bridge Loans for Investors. Experience gives you better rates. Direct non bank Lender. George Despotopoulos. 30 day closing from prequal. 25% min downpayment. Less than 6 months, will take purchase price plus rehab investment as the property's value. 2% origination fee. 2% prepay if closed in the first year. Bridge loans have no prepayment. UP TO 85% LTC ON BRIDGE & 80% LTV ON RENTAL

Morgan Financial - local Fl lender Morganfinancial.net

Old Capital Lending- Carlos Flores: I am the Principal of Stronger Communities Alliance LLC and Stronger Capital, and also serve as Senior Director of Old Capital Lending - a boutique Commercial Real Estate Debt and Equity firm based in Texas. MULTIFAMILY. Apartment financing.

http://www.pearlfinancing.com/ Commercial Financing

PenFed has 10 year investment property mortgages. PenFed did a drive-by appraisal, looked at sales comps for HELOC (Aaron Hunt, BP)

https://www.newpennfinancial.com/refinance/investor-loans Penn Financial investor loans. 75% LTV, cash out option.

PNC Bank FL. Excellent rating. Rapid Refinance 4 day loan. Heloc but only on primary residence. Will do investment mortgages. DTI 36-45% of gross monthly income, including proposed loan payment. 3% down with PMI available. Purchase, refinance or construction loans for non-owner occupied. https://www.pnc.com/en/small-business/borrowing/business-loans/investment-real-estate-term-loan.html

RCN 12% 2-10 points 80% LTV 50k to 2.5M

RCN http://www.rcncapital.com National lender. Rehab noo 1-4. Cross collateralization is allowed. 85% of the purchase price. 65% refinance. 50% cash out. Also an ARV loan, up to 85% of the purchase price + up to 100% of the renovation costs, not to exceed 75% of the after repair value. Prior real estate investing experience is required to qualify for this product. Douglas Vogel from BP likes. RCN Capital offers 10% down and 10% IO while funding the rehab.

RPLG- Bob Green from BP Lends 5x liquidity.CASH OUT UP TO 75% OF FAIR MARKET VALUE 1 DAY AFTER REHAB.

We offer non- recourse lines of credit for investors starting at 1 million.1. One stop shop bridge to term line of credit starting at 1 M to Acquire, renovate and lease vacant homes for a long-term hold strategy for the buy/hold investor - 25% out of pocket from investor - 75% from the line for acquisition and rehab-Minimum of: 75% loan to value or 1.20x projected debt service coverage. The goal is to use the line to build a portfolio of properties and finance them to our term debt program at 75% of fair market value - Repeat process.2. Fix n flip line of credit starting at 1 M to Acquire, renovate and sell vacant / leased homes - Minimum of: 75% loan to value or 85% loan to cost for acquisition and rehab - 12 - 24 month term.

Rehab Financial http://rehabfinancial.com/how-rehab-loans-work 65% LTV 100% purchase price and repairs up to 65% LTV. Need 3-6 months bank statements

Renovo Financial —Updated Nov 16 Renovo Financial- Up to $1M for landlords, Purchase, refi, or cash out. $125000 minimum property value. $25000 minimum cash reserves. Credit score of 640+ one year prepayment. SFR or 2-4 units multifamily. 65-80% LTV, held in a business entity.

Rental Home Financing- Mark Ferguson uses http://www.rentalhomefinancing.com/blanket-loans/investfourmore-rental-property-loans.html Blanket loans for multiple properties. Blanket 1. Sell any time. 30 yr fixed 75% LTV, unlimited cash out 6.5%-7.5% fixed rate. Blanket 2 ARM. 5/30 and 10/30 75% LTV, unlimited cash out, 5-10 yr fixed, 5.25%-6.5% fixed. 30 yr fixed. 75% LTV 6.5% - 7.5%.

5 houses and over in a blanket.

Residential Capital Partners. https://residentialcapitalpartners.com/ 10% 3 points 9 months. Karen Rittenhouse suggested. Submit house, 2-3 day approval, work on repairs, submit draws, receive funding as inspected, sell house, repay loan.

Ridge Lending, Caeli Ridge Conventional 85% LTV Portfolio financing http://www.ridgelendinggroup.com/ Exceed conventional limit with an additional 25 loans. SFR to 4 units. 30 year fixed and adjustable. No prepay. 75k minimum loan. More info below. Ken Corsini recommends.

RP Funding Orlando based direct lender. “We allow you to have up to 10 properties"

Seacoast National Bank Mary Gaviria. Specialist in VA, FHA and construction to perm loans. Doesn't look like anything investor friendly.

Secured Investment Lending Tchaka used, recommends. Transactional funding, new construction, fix and flip, multifamily.

Sherman Bridge Hard money, landlord and rental property loans. Three step loan process, which begins by obtaining a HML or rehab loan to fund the property plus repair cost. Once repairs are done, the property is refinances into a 30 year conventional loan. Fast Track Application, a $999 commitment fee, and request a draw for construction and repair funds.

SOFI 30 year fixed 4.250% up to 80% LTV 30 year. 5/1 ARM interest only 4.125% up to 75%V LTV. Owner occupied only. Refi with 20% equity 80% loan. They use an automated valued model. BUT does require an appraisal. No prepayment, no origination fees.

Specialty Lending—Caeli Ridge at Ridge Lending (see above) RENTAL INCOME VERIFICATION ONLY ‘no personal income verified: NO LIMIT ON NUMBER OF FINANCED PROPERTIES• Purchase, cash out and rate and term eligible• Min loan amt 75k• 75% max LTV• Min fico 620• 1-4 unit properties allowed, condos warrantable/non warrantable allowed•DTI (debt to income) based on DSR of property PITI/MONTHLY RENTAL INCOME *needs to be .65% or less to maintain 75% LTV, anything over 65% DTI will result in a reduction of LTV by 10%•Can finance up to 25 (yes 25!) 1-4 unit investment properties per qualified individual (or combined 5MM) under this loan program.

• There is no limit to the number of existing mortgages a qualified buyer currently holds• 30 year fixed mortgage; rates ranging between 6-6.75%• No prepayment penalty• Max LTV reduced by 10% if all units in subject property are not occupied• 6 months reserves on ALL properties financed *including borrowers primary residence. *non liquid funds (401k/retirement etc) are allowed

https://www.securedinvestmentlending.com/ Nate Trombetti

Orlando investors Stephen Anderson recommends

Sproutfin

Sun Trust Mortgage www.suntrustmortgage.com

Sunshine Bank, just bought Florida Bank of Commerce. Loans in the commercial space to include working lines of credit. Also conventional FHA, VA, Jumbo and construction of primary residences.Supreme Lending Looks like a big conventional lender, did not contact. Nancy Davis.

https://www.synovus.com/ Tampa area. The mortgage bank I usually use wouldn't do HELOCs on investment properties but they referred me to Synovus Bank. As long as the LLC is at least 2 years old, Synovus will offer up to $49,999 just based on your personal credit score and a one-page application. If you want a line above $50,000 you will have to provide more financials. Rate is Prime + 1.5%. The line is reviewed annually with total term of 5 years. Any balance after 5 years jumps to 18% so I'll be sure not to carry a balance after the maturity date. Total fees Florida Doc stamp $173.25, Comm LN Origination Fee $495.00, Comm LN Fee $300, UCC Future Release $10, UCC Fee $35. Total to close $1013.25.

Various biz lines of credit. For >$50k up to $250k they need: Completed Application, Copy of all guarantors Driver's license, 2 years Tax Returns Business and Personal of all Guarantors, Completed & Signed Personal Financial Statement of all Guarantors, Debt Schedule, YTD Financial Statement. For >$250k up to $500k it's the same as above but it's only a 1 year Line of Credit instead of a 5 year.TD Bank will do HELOCs on investment properties. Desktop underwriting, & causes a credit pull

Trustco BP member says they got a 4 plex loan with 10% down. No PMI. Resource refinanced under a year, and suspects there is no seasoning. https://www.trustcobank.com/page/home-equity-loans-and-credit-lines-42.html Went in and spoke with the loan officer. She referred me to their “Commercial” specialist, who handles all investment property. They will do an 80% HECL on owner occupied properties.

Vertical https://verticalfundmgmt.com/real-estate-investors/

VISIO Visio Financial Services- National Lender with programs for flips, rental & refi with less than 6 months seasoning. 65% 12% interest, no doc, vacant ok, 30 yr am, 36 month due. 50% cash out refi. Rental360 program, allows refi on 3 to 5 properties with one closing. Available as an ARM or as a 30 year fixed, add 50 basis points. 75% LTV rate is 7.50% James Ihssen from BP says: "I am regularly closing on 30 yr loans for my rentals that are cash flowing quite nicely. Try Visio or FOAC (Five Oaks). Those are my top two recommendations at this point. I used to have to focus on finding financing for my deals now I have to focus on finding deals for my financing!!” I had a 79 day closing. Grrrr.

QuickenLoans go to 10 loans and have had good rates. "Quicken loans is incredibly fast and easy to work with. Also they are the ONLY lender I have found to refi rental properties into investment loans who accepts no down payment when you have enough equity in a property. This is incredibly useful for hard-money purchases to refi out to a conventional loan and hold the property."

US Bank “I bought 18 properties in 9 months and used a commercial lender. It was not a portfolio loan, they are individual standard commercial loans but I did 3-5 at the same time. So like once a quarter I would start looking for properties, find 1-2 anchor properties and put them under contract with a 60 day closing. Then I would spend the next 30 days seeing if anything else would fit my criteria.

Commercial loans are typically not for new investors, so you may need a few properties and a few years under your belt before the banks will work with you. ” Brie Schmidt.

US Commercial http://www.us commercial.us/1-4-units.php Broker. Can do unlimited properties. Buy and Hold. Maximum LTV is 70%.Wide variety of rehab products. Lends to entities, not individuals. All require a personal guarantee, no primaries. 10% down 90% of purchase price, 100% of the renovation costs and 100% of the closing costs. And, yes, they do FLORIDA. Not cheap. They do a BPO, credit check, fees for draws, processing fees. She doesn't care about DTI and does not look at tax returns. Up front cost for appraisal and credit. 6% range with 30 yr am, points not to exceed 4. Between 9 and 12%, $150 per draw. Rate dependent on experience and LTV.

Wrenn. Charlie Fitzgerald from BP is now CEO http://www.reiinvestorfunds.com/programs.html

Non owner occupied only. Purchase, Refi, Cash out, Rehab or Bridge loans. Up to 85% as is value plus 100% rehab. $150k to $3M, term 6-12 months or 2 yr, SFR and 2-4 units, interest only, 620 min FICO.

1st Florida Lending Corp. Claims to offer the largest selection of mortgage programs in Florida, including non-QM loans, bank statement programs, stated income programs, jumbos, and much more. Qualified Mortgage has minimum standards including ability to repay rule. Interest only loans are not covered by Dodd Frank. 40 yr mortgages and neg=am mortgages are also non qm mortgages.