Refi on a rental property----no cash out

Financing, Hard Money Lenders, Private Money
1

Anybody out there doing refi on rental properties-no cash out just straight refi. Looking to get out from under a 7.5% interest only mtg. Any info on any banks or private investors looking for refi. I have high FICO score and no late payments ever. :banghead

2

what state are you in and how long have you owned the property?

3

I am in Ct and have had the property for 5 years

4

You should not have a problem getting this done. I notice from other postings that you have more than 4 properties including your primary. Is that still the case? If so you will need to contact one of the large national banks like Bank of America.

5

Yes I have more than 4-Is BOFA my best bet?

6

I know BOA will do more than 4 properties however you will be capped at a 60% LTV. Plus you will need to have 6 months reserves for each of your other properties. If you think this will work for you let me know as I have a good contact person for you at BOA that can get this done for you pretty quickly.

7

Try a local bank, that’s where I’ve done a couple straight refis this year, and this bank did up to 70%LTV. Do you have any pre-existing relationships with any local banks?

8

It shouldn’t be a problem if your LTV is around 50-60% well at least if you want to deal with BOA and such…