cash out refi on less that 100k properties or blanket mortgage

Member since 2022 · 62 posts · 39 votes

is there a way to cash out refinance 2 properties I own? the first property is worth around $69k is paid off and bought it 2 years ago. the second property is worth around $68k bought that property on November of last year with a loan. those properties are occupied by tenants. do you guys know if I can cash out refi each property with that amount or can use both properties at the same time with a blanket mortgage? these houses are located in Rockford IL, if yes: any lender here that can help with with that? will appreciate your comments

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Paul De Luca
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
2y
@Zack Karp
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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
2y
Quote from @Kristin Vegas:

is there a way to cash out refinance 2 properties I own? the first property is worth around $69k is paid off and bought it 2 years ago. the second property is worth around $68k bought that property on November of last year with a loan. those properties are occupied by tenants. do you guys know if I can cash out refi each property with that amount or can use both properties at the same time with a blanket mortgage? these houses are located in Rockford IL, if yes: any lender here that can help with with that? will appreciate your comments

That will be tough to finance. You may want to try a local lender.
Many DSCR lenders are capped at a minimum value of $75k and a minimum loan amount of $55k
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Jason Taken
Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
2y
Quote from @Kristin Vegas:

is there a way to cash out refinance 2 properties I own? the first property is worth around $69k is paid off and bought it 2 years ago. the second property is worth around $68k bought that property on November of last year with a loan. those properties are occupied by tenants. do you guys know if I can cash out refi each property with that amount or can use both properties at the same time with a blanket mortgage? these houses are located in Rockford IL, if yes: any lender here that can help with with that? will appreciate your comments

If you cant' find DSCR - we can do bridge. But, long term, you'll need to probably use a local credit union (or do forced appreciation with the bridge if its even possible)
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