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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Cash out lenders for investment properties? Posted by Doug on January 29, 2010 at 7:32 AM In Reply to: Cash out lenders for investment properties? posted by Socal Investor on January 27, 2010 at 12:04 AM : Anyone know if and where its possible to get a cash out loan for this situation: : I've been trying to obtain a loan on two investment properties I bought all cash and own free and clear in 2008. I wish to keep them as rental properties so selling them is not an option I prefer. I own 6 properties, 4 with mortgages and 2 free and clear. I've approached most big banks (BoA, WellsFargo), but they do not allow this type of loan due to FNM FRE limits on cash out refi's after more than 4 properties. : Just curious if anyone knows of lenders that allow my type of loan. : Thanks in advance. Though I can't point you to a specific lender, I believe that lenders are given unique agreements with fannie and freddie. For example (and I think this has changed) a couple of years ago Bank of America was allowed to make up to 10 loans for a borrower and still sell those loans on the secondary market, whereas other big lenders were not allowed to. I would talk to a highly reputable, knowledgeable mortgage broker and get some counsel - it is possible that the broker might know where to take this. Cheers Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Anyone know if and where its possible to get a cash out loan for this situation: : : I've been trying to obtain a loan on two investment properties I bought all cash and own free and clear in 2008. I wish to keep them as rental properties so selling them is not an option I prefer. I own 6 properties, 4 with mortgages and 2 free and clear. I've approached most big banks (BoA, WellsFargo), but they do not allow this type of loan due to FNM FRE limits on cash out refi's after more than 4 properties. : : Just curious if anyone knows of lenders that allow my type of loan. : : Thanks in advance. : Though I can't point you to a specific lender, I believe that lenders are given unique agreements with fannie and freddie. For example (and I think this has changed) a couple of years ago Bank of America was allowed to make up to 10 loans for a borrower and still sell those loans on the secondary market, whereas other big lenders were not allowed to. I would talk to a highly reputable, knowledgeable mortgage broker and get some counsel - it is possible that the broker might know where to take this. Cheers [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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