All Forum Posts by: Brandon H.

Great article but this is where I believe these numbers may be skewed: There are number of people that are employed in these markets but currently moving out of the cities. Our local market has seen quite a few New Yorker's escaping the city to come here and work remotely. Last week I met a couple that lived in NYC but just escaped to Wilmington NC to rent an apartment and work remotely for the year (and potentially longer they said). They told me of a few friends who were doing the same.

Thanks so much Karen,  Seems I have a local bank on the hook for two separate loans, with cash out on each (up to 75%) 25yr am and 5-7yr term. 4.5 to 4.95 rate was the quote. This looks like my best option at the moment. We'll see how it goes and I'll keep you all posted.

Thank you @Dylan Nelson that does help a lot. The DSCR is absolutely no problem. However the tenant just started year 3 of a 5yr NNN. They have (3) 4yr options to renew after the current term expires. I tried about a year ago to get them to re-up with a 10yr but was unsuccessful.

@Mike Burkett  Thanks for your help. These are all located in Wilmington North Carolina. As of June 1st I will have owned these particular properties for 2 years. I bought them all as a bundle including 3 other duds that I have already sold off.

@Mike Burkett  I'm absolutely fine with separating them out into two loans...6 apartment units and one 25k square foot office building occupied by a well established nationwide software company. Tenant has been in the building for 18+ years.

The loan officer is someone I've used before, I believe his superiors squashed the cash-out element. For clarity I am financed with a local community bank now, they will not refi with any cash-out and will not go beyond a 20yr AM. I have yet to find anyone that meets all of the terms I'm looking for but I've got a few others to try. I wasn't sure if anyone here had a similar experience. Thanks for the replies.

Thank you @Greg Dickerson  the search will go on!

Hey Garrett, Nice job saving up and adding rentals! Unless you've found something that is just an absolute home run I would wait it out...though it looks like you're past 6 months on #3 and #4? I would never suggest going above 75% LTV. I know it's difficult but be patient, you've done great so far and it's not worth getting less than favorable terms just to get some quick cash (unless it's the home run)....as an old farmer once told me "hogs get fat but pigs get slaughtered"

Hello all, I'm currently working on a refinance of a portfolio loan. The portfolio has a current value in the 3M range, I owe around 1.4M and consists of 6 apartments and a commercial building. I've found a local credit union that will give me a new loan with a great rate in the low 4's AND a 30 year Am. However this credit union is not willing to cash out any equity only offer me an equity line that can be converted to permanent financing. Are there any good portfolio products that will cash me out (60-70% LTV), have a good rate AND a 30yr Am or is that pie in the sky? I would use the cash to purchase new properties. Thanks in advance.

@Andrew Postell  Thanks for the tip!