Cash out refinance on condos

7 Replies

Hello all,

I have 3 condos for rent, and right now looking to cash out. My situation: self-employed but tax-return history not enough for 2 years, so seems traditional refinance is not gonna go through. Actually, I have asked many local lenders, and they all asked me to wait till next year. 

Now I find B2R and use it to cash refinance one of my condo, because they don't check on tax return. Their rate is not great, but acceptable. For the other 2 condos I have, I want to do cash out with them as well, but B2R requires at least 1year reserve, and these 2 condos do not have reserve at all. So am wondering are there any lenders/brokers in South Florida will lend on rental condos do not have reserve. Please feel free to contact me, thanks! 

Originally posted by Michael Luculano:

How much are they worth and what do you owe? 

They worth 175k and 135k each. I paid all cash. Sorry I can't take high rates and looking for more like 15 years or 30 years mortgage with fix rates. Thanks. PM me if you have good programs. 

@Tingjun Lei , It really comes down to the specific situation. Opportunity cost? Wait and how much do you lose? Hard money is hard money, no other way to put it. If the money you want at a certain cost ISNT available to you then you have a choice to make. What are you expecting on the cost for the loan you are trying to get?

I am also seeking advice on how to find a lender to cash-out refinance several Florida Condos valued at about $70K-$80K each, owned free of mortgages.