Bank for Refinance on Investment Property

your not going to find someone to waive the seasoning requirement that would make it an non qualified mortgage and that's a No No as i like to say.

i work for a bank and we do portfolio lending and we don't even allow investment properties on our portfolio. The bank might need to sale the loans one day to fannie or freddie so we still underright to there guidelines. there are exceptions made but that requires a lot of money on our books and a long relationship.

Is the property located in Baton Rouge? AIf not in BR, where? What would the appraised value be after renovations are completed? What percentage of the value are you looking to cash out--50%, 60%, 80%? What will you do with the cash, payoff other debt, invest in another property, take a vacation? Do you have adequate income to service the debt within a bank's typical DTI standards if the property goes unrented for 6-12 months?

Depending on the above circumstances, I may be able to suggest a bank that would consider the request.

A community bank may keep investment loans in-house but you would be looking at a 20 year amortization with a 3-5 year term.

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Is the property located in Baton Rouge? AIf not in BR, where? What would the appraised value be after renovations are completed? What percentage of the value are you looking to cash out--50%, 60%, 80%? What will you do with the cash, payoff other debt, invest in another property, take a vacation? Do you have adequate income to service the debt within a bank's typical DTI standards if the property goes unrented for 6-12 months?

Depending on the above circumstances, I may be able to suggest a bank that would consider the request.

A community bank may keep investment loans in-house but you would be looking at a 20 year amortization with a 3-5 year term.

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Property is in 70818. ARV should be about $140K, purchased for $57K. I would like to cash out 75% LTV in order to pay off my HELOC (which was used to purchase property with cash) and reno costs. I then would like to repeat everything and find another investment property.

just a suggestion to help on interest rates on these deals. use your HELOC for the down payment when you purchase your next rental. You will get a .5% better interest rate as a purchase then you will as a cash out refinance. Also i would wait the 6 months and then cash this property out. You are going to get a much better deal than shopping around for a arm loan when you can get a fixed rate in 5 months. just my advice.

If you are going to continue to acquire property, find a bank that will allow you to pay off your HELOC and cross pledge the existing equity to your next project. You build a relationship with a lender and bank that will make it easier for future financing requests.

Talk with the potential banker to determine their comfort level with your type of investments, what their LTV expectations are and based on your financial situation, what total dollar amount in outstanding loans would they be comfortable in having with you.