I am in the Dallas, Texas area and I need to refinance an investment property I have owned for about a year. I paied cash for the house and need to free up my cash for other investments. The value is about $115K and I am looking for a loan of 80-85% LTV.
My wife and I have excellent credit, incomes, and have been investing in single family homes for over four years. We are currently holding 10 rental homes.
Please let me know if anyone knows of someone that can help me.
There’s only a couple of portfolio lenders (which brokers have access too) doing more than 4 financed properties. Other than that your choices would be local banks and hard/private money.
Local banks using commercial/business loans will probably offer the best rates however you’ll have only 15-20yr amort with 3-5yr balloons. Find a mortgage broker that specializes in investment loans because they should have knowledge of banking contacts for you.