All Forum Posts by: Thomas Waddle

Thanks all that replied with info and that do these kinds of loans.  I have been slammed all summer with kids home from college, weddings, etc. and now plan to get back to it on this front.  I will reach out in the coming weeks.

Thanks, Mitchell. I am OK with private lenders - assuming they aren't overboard on the interest rate. Frankly, a point or so is not a deal breaker to afford the protection we get by having the properties vested in an LLC. Otherwise, I will use a standard bank and put them in the LLC after closing, but that depends on finding the right bank to do the deals.

I am looking to find a lender that does cash out refinance loans for the Orlando area. We have four SFRs owned for 4+ years with good equity, solid management and good tenants and would like to put that equity to work on more properties. Credit is decent (not great, low 700s). Hoping to do 75% LTV loans and convert ownership from personal to LLC (have been slow to do this due to the silly state taxes for deeds in Florida). I use Vectra Bank here in Colorado, but they don't lend in Florida.

Any suggestions are greatly appreciated.

@Chelsea Owyeung

We use Citravest to manage our properties in the Orlando area. We have been very pleased with their service and costs. They may show up in Clearwater now - I think the owners moved over there and get the mail there, but the are heavy in the SW Orlando area.

Mindy, I run a title company that is owned by a parent company of a new home builder.  My office is in Longmont. Call me we can discuss - will PM my number.  Assuming I didn't do the title commitment (if I did - you have nothing to worry about, trust me! ;-)   ), I would be happy to review it with you and go over some of the really minor differences in new build vs. resale title.

@Derek Sperzel, talk to your local title company. They will likely have a product called an Ownership & Encumbrance Report. They are inexpensive ($5-25) and will show that a property is unencumbered via a limited title search.