Loan Scenario: CA, $660,000, 790, 60% LTV, Cash Out Refinance
Loan State: California
Loan County: Los Angeles
Loan Type: Cash Out Refinance
Loan Amount: $660,000
Property Value: $1,100,000
LTV: 60%
FICO: 790
DTI: ---
Occupancy Type: Non-Owner Occupied
Property Type: Single Family Residence
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Borrower owns more than 20 investment SFR’s. He’s
looking to refi 5 of his NOO SFR’s (they’re currently at 6.25-6.5%). All
the properties are 65% LTV or less. If cash-out is available (without a
huge hit to pricing), he’d take that too. Very strong borrower (1 mil+ in
liquid assets) and credit score at about 790. He’s been an active property
investor for more than 20 years. I have his financial statement and
property list (showing equity positions), if needed.
He won't qualify for HARP since the loans currently on the properties are not FNMA (and Freddie doesn't allow >10 properties unless with same servicer).
2 questions:
- Will any of your portfolio programs allow an
investor who owns more than 20 1-4 unit properties (more than 10 of them
financed)? He’d like a fixed-rate loan, if available, and if not, a
hybrid with the longest fixed portion available.
He would like to start out by refinancing 1 rental property
that’s worth about 1.1 mil and has a current loan balance of 259k (and get cash
out).