Rental Property Financing – Cleveland, Ohio
Different investors have different goals, and one of Lima One’s specialties is using our vast product suite to find the right financing solution to accomplish those goals. In this case, investors who owned an 8-property rental portfolio in the Cleveland, Ohio, area wanted to refinance their properties in order to get cash out. They also wanted to take advantage of historically low interest rates and lock in secure financing with fixed rates over a fully amortized 30-year term.
Lima One’s Rental30 Premier® portfolio loan offers tremendously flexibility that served these clients well. We were able to provide a $850,000 loan covering eight homes in Cleveland, Ohio, as well as the suburbs of Parma and Brook Park. This cash-out refinance gives the borrowers long-term financing at ideal rates, with no risk of rates increasing after ARMs expire. The investor can now use the cash out of this transaction to continue to build their real estate business as well.
Rental Portfolio Loan By the Numbers
- 8 Properties
- Loan Amount: $850K
- LTV: 65%
- Fixed-rate loan
- 30-year term
- 30-year amortization