Canton OH Cash-out Refi Lenders

[Thomas Stevenson]

Wrapping up my 3rd SF BRRRR (here in Canton OH) and working on the cash out. I put these investments under my LLC. I have worked with Wayne Savings in the past but just got their recent cash-out approval this past Friday.

They have made some changes adding the "or" verbiage below to the approval offer.  This change doesn't really allow you to capture the value you've added to the investment property.  My other 2 were based on 75% of appraised value - period.

***Loan amount: 75% of appraised value or 85% of cost (Purchase price plus improvements)- whichever is less

Anyway, disappointed but lenders do this quite regularly. They must be worried about increasing home values? Anyone have positive experience with local / regional lender for an LLC cash-out on a SF? Thanks!