All Forum Posts by: Account Closed

I just refinanced $6.5 million of debt across my 5 unit portfolio which appraised out at $9.8 million.

Terms:

- Interest only fixed at 3.625% for 10 years.

- Rates readjust annually after 10 years - stays I/O

- Half a point to close

- Under 67% LTV

Reducing my blended rate from ~5% to 3.625% and eliminated principle payments is going to save me ~$13k per month.

If you are either a high net worth individual or have properties located on CRA low/moderate income and are looking to refi into an I/O loan, shoot me a note.

Hi - I am looking to refinance my portfolio of 4 multi families in the Boston market (Cambridge and Somerville). The portfolio is worth around $7 million and I am looking to cash out maximum equity to go do the next project. I do not want to pay any upfront fees and 80% LTV is what I am targeting. Also need 30 year amort and 5-7 year ARM is ok. If you have a solution please shoot me an email Or give me a call.

Pentagon federal credit union...up to 80% LTV. Just needs to be in your name and not an LLC

Use as little of a he heloc as possible and get the rest with a traditional mortgage. That way you can use any remaining heloc balance on prop #3.

Hiron Fernando - fees are minimal. No origination fees. Just need to pay for appraisal. Not sure about others. It was a few years ago. I suggest you give them a call and they can outline the costs in detail.

Christopher Ward - I have built a sizable portfolio and have contributed no additional cash outside of financing the down payment and renovation costs on the first property. If you can pull money out of your foster investment property to by another and still cover your costs, in my mind it's a no brainer. You are essentially acquiring assets with now cash out of pocket!

Luke M. - pentagon federal credit union offer 80% LTV helocs on investment properties. The property needs to be in your name (i.e. Not an LLC). They are super slow but will get the job done.

Lana Lee - no full steam ahead. Demo is nearly complete. We will pull a permit do start construction with work we can do by right (I.e without variance) and then after that is issued we will apply for alteration to the permit for the 4th unit which will be denied and then kicked to zoning. This way work can continued to be done while we wade our way through the slow zoning approval process.

Lana Lee - yes. Used to be a single family. Now zoned as a three family. I am trying to split two level third unit into two units. It's not a given that it gets approved by the zoning commission but my attorney believes it's more likely than not. I've looked at previous cases brought before the Zba and they have approved similar projects before.

Nick Foundas - the second mortgage is actually on one of my other properties. It will likely just convert it to a term loan with p&i.