Single-Family Portfolio Loan in Cleveland, OH

This Customer in Cleveland, Ohio came to us by way of a referral. The customer had been trying to work with their local bank on refinancing several rental properties, but they were not getting a workable solution from them for the transactions. The Client was looking for long-term loans that did not carry a balloon payment. Andrew, one of iFC’s highly-industrious loan officers, was able to offer the client a 30-year cash-out refinance without a balloon payment.

This is a 30-year fixed DSCR, an iFC loan product, with a 70% LTV. The monthly rental was $5,100. The loan term was set at 30 years. This SFR portfolio loan was funded in April 2022.

Key Benefit to the Borrower:

This loan gave the Client permanent financing for an important part of their single-family portfolio, without the client having to worry about coming up with additional funds down the road for the balloon payment.

Customer Feedback:

The Customer was grateful for the refinancing arrangement, which allowed the Client to open a new door. He explains, “This cash-out refinance allows me to invest in a 15-townhome rehab!”