Hi Jason, thanks for your work. Can you edit the list to categorize the type of institution or alphabetize?
Can we upload an Excel spreadsheet for sorting ?
The best financing is cash, followed by equity cash from your primary residence, (HELOC), refi your primary to include the implied mortgage of another property- which has excellent extra personal tax benefits, or refi your personal residence to take out cash to spend on another property. Cash costs = Opportunity Cost, so whatever investment return minus friction (fees, interest, etc) you could get somewhere else is what using your own cash costs you. Personal residence rates and terms are always better than investment property. You just have to balance investment choices with risk.
Just talked to First Fed of Lakewood. They will refi rentals after 12 mo at 70% LTV. They want to base LTV on the money you've got in the place, not the new value. I haven't pursued this to provide proof of increase in value. This is same line I've gotten everywhere I've talked to. The BRRR strategy is kind of dependent on a higher appraisal after you rehab or what was the point?
You missed Dollar Bank, headquartered in Pittsburgh but 5-6 locations in CLE. They will do portfolio loans for multiple properties and refi rentals at market rates.
USAA- military family financial services has a wide array of offerings and you can join if certain family members were former active military, not necessarily you. I just lowered my landlord Ins rates by switching. They have said they are going to start offering investment property loans.
I'm looking for competitive HELOCs to put lines of credit on owned properties - the math and flexibility of use are better than closing costs on a mortgage. I also don't think they count toward the number of mortgages you have outstanding.
Thanks for starting the thread,
