Hello,
I need Information / help in finding a lender that will
provide a cash out refi on an investment for 80% loan to value for a long term
owner. I currently own a rental property
in GA that I have owned since 1995. It
has been a rental since 2003, managed by a property management company and has only
had 3 tenants. The property is a single
family home in a great area and should appraise for $165 to $170K. The current loan is roughly $86K. I am
wanting to get $50K out of this property to start investing here in Texas
market. I am planning on holding on to
this property, so a hard money loan is not what I am looking for.
I have spoken to more than a dozen lenders and all but 1
would only do 75% loan to value which does not get me where I need to be. I have found 1 that would do an 80% loan to value but
they want 7 to 8.5%. I understand that a
loan on an investment would be more but not this much more. A monthly payment based on too high of a interest rate does not make sense for me from a cash flow perspective.
Moving forward, it just kills me that I have $86K of equity tied up in this
rental, excellent credit, multiple rental experience and I can’t get to these
funds to grow more rental / house flipping.
So – Does anyone have any lender that can help or maybe
provide some different options?