I have bought homes at auction for cash. I want to take some cash out and buy some more homes. I am happy to leave 25-30% equity in the house. I have been having a hell of a time trying to get financing despite a FICO of 800. Its all considered cash out financing and the few lenders out there will only provide a LTV at 50%. Any ideas to get better financing? Have a lien or Deed of Trust on the house on LLC that is then “refinanced”?
Ridiculous. Your idea is creative. Might work.
Otherwise, you could try a hard money lender they often go to 65%, though at higher rates.
I have had the same experience. I did manage to get a 5th conforming mortgage. But after that, they shut the door. The local community bank will lend. The rates are higher, fixed for only 5 years, points and a pre-payment penalty if paid off for any reason in the 1st five years. Maybe 65% LTV. Better than hard money, but still much more than a conventional conforming mortgage.