I have 6 properties in California (in very wealthy counties of Marin & Santa Barbara) with loans totaling $3MM and they are worth at least $4MM so I have $1MM in equity. My properties basically pay for themselves and cover all my expenses so my W2 wage (6 figures) is just free cash flow.
I currently have loans that are between 5.125% and 5.875% and would love to refi everything down to 3.875% or lower. This would save me $2000+/month.
However I can’t find any lender willing to help me because I own more than 4 rentals and my debt to income is slightly over 54%.
With interest rates for savings accounts and Bonds close to 0% most americans are earning next to $0. There certainly has to be a person or group of persons that would love to have a safe 3.875% of income?! Any suggestions?
First, you are at 75% LTV already and most lenders won’t go past 80%. On high end properties, most won’t go above 75%. Also, 3.8% is way below market interest rates for investment properties, which is more like 5%, 5.5% or more or jumbo loans. So, yes, mission impossible!
Thanks for the response. I am not sure what the 75% LTV “already” reference is about. I am not looking to cash out. I just want refinance to a lower rate.
My primary residence has a loan of $1.1MM (worth over $2MM) so if I could even drop that rate that would be a big win.
I have 1 property that has an ARM that I would be more than happy to lock in to be a fixed 30 year (was hoping in the 4% range).
But my hope to refinance is fading fast. I am looking for a product designed for a high net worth / portfolio loan.
My mistake, I thought you were trying to get cash out. Either way, not likely to get a lower interest rate, except maybe on your primary. And, being a jumbo, you may have to go with a 7/1 ARM.
You can contact your home lawyer …
[QUOTE=jennihathway;893558]You can contact your home lawyer …[/QUOTE]
What is a “home lawyer”?