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10-31-2008, 09:27 PM #1
Fixer Upper
- Join Date
- Oct 2008
- Location
- Midwest
- Posts
- 17
Investment Property Refinance
Has anyone been having any luck refinancing their rental properties to pull out cash?
I have been doing this for years, originally refinancing at 80% LTV. Then the lenders dropped to 75, 70, and just today I had to refinance at 65% LTV. On top of it, appraisals seem to be overly conservative. I work strictly with commercial banker who are not bound by the guidelines of consumer loans, but they have noticeably tightened up.
I'm just wondering if people across the country are experiencing the same thing, or to the same extent. I live in the mid-west, near some of the highest foreclosure rates.
Don't get me wrong, I'm not complaining and don't mind being conservative on refinance amounts, it keeps my portfolio safer. I am more curious than anything.Justin Razmus
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11-05-2008, 01:17 AM #2
Renter
- Join Date
- Oct 2008
- Posts
- 9
About properties
One of the important fact that client select these option is to cash out the equity that has accrued over time through partial pay off of the real estate.
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