All Forum Posts by: Andrew Zamboroski

We want to do Cash Out Refinance which the title would be in the name of a LLC, currently creating, and we are looking for all term options greater than 15 year. Has anyone worked with a lender that will do this? We have only found lenders that will do a 15yr note.

I have a few deals coming down the pipeline and want to free up as much capital as possible.

senario 

property appraised value 430,000

amount still owed 220,000

Hey All,

Wondering if anyone has seen this out there in the last month or if anyone has a referral of any banks currently offering this loan option?

I am in North Central Florida and am looking to do a cash out refi on an investment property that I acquired back in December. Any recommendations on mortgage brokers, banks etc? 

Thanks!

I will try to keep this brief.

I have 100% equity in a single-family rental outside of Detroit Michigan. I am in the process of doing a cash out refi. The house appraised for a little more than what I expected. The lender's representative and I had spoken about 75% LTV all during this scenario.

Now yesterday, I was surprised with a lender estimate that was at 70% LTV. When I requested she run the numbers at 75% LTV, she then told me that there was a cap on the amount I could get (amounts to under 75%), and I would also have to pay points for that loan (75% LTV scenarios were at 0 points). This is several thousand dollars less than I would've gotten at the full 75% LTV, but she claims it is a Fannie Mae requirement?

Why this wasn’t disclosed long ago, I have no idea. Is she correct in saying this? The difference in the appraised amount versus the expected amount was not gigantic. However, I don’t intend on refinancing this property again - possibly ever. So I would prefer to pull all cash out that I can this time.

TIA for opinions/info.

 Georgia

Hoping to find some suggestions for lenders who will do a cash-out refi dscr loan for a lower credit score at 75% ltv. Purchased hard money as a fix and flip, recent deal fell through due to buyer's not being able to sell their home and considering dscr may be better for us as the rental value is there. 

Hello, does anyone represent a DSCR lender who can loan against lower price homes in the $40,000 to $100,000 range? Typically we enter with hard money, do a fix up, and then seek long term DSCR based financing

I was looking to BRRRR properties, eventually financing them into my LLC. I was wondeirng if I can do DSCR loans for 30 years? I heard that LLCs cannot get 30 year fixed loans. If so, are there other ways to get 30 year fixed?

Hi Everyone, 

I hope this is the correct form to post this on. I have maybe an interesting situation/thought. I currently have 3 four-unit buildings under one loan. That is the way I bought them because they were all from the same seller when I bought them. Two of the three buildings sit on the same piece of land that has one tax ID to it. But technically the two buildings have their own address. The third building is on its own piece of land with a separate tax ID. All three of these buildings are laid out the exact same. They are all basically identical to each other. Because I have them under one loan currently, it is a commercial loan and only amortized over 20 years and I have a variable interest rate. My thought and question was, can I get individual loans for each property and since they are under 5 units, get a regular conventional loan amortized over 30 years with a fixed rate? 

I understand there might be many opinions on this and many reasons why each person can argue their case depending on what each person's goals are, so I'm definitely open to hearing anyone's thoughts on what they might do. My thoughts are 1) I will have a fixed rate and not worry about it changing every 5 years thus helping me control my expenses a little better (of course aiming to secure a good rate whenever the rates hopefully come down), and 2) it will be amortized over 30 years and if I get a good rate, then my cash flow should increase by a decent amount. 

Any insight on this would be much appreciated. 

Thanks!