How much ARV must you have before a bank consider a cash out refi

Question

Hi, I'm looking for cash-out refi in Columbia South Carolina

Wayne Brooks · Answer

ARV means nothing, lenders will lend about 75% of Current appraisal, but very very few will/can lend under $50k.

Robert Barnes · Answer

@Will Gaston I think we have to be colleagues so I can you a PM

Robert Barnes · Answer

@Stanley Parsley thank you I will check into it.

Stanley Parsley · Answer

there is always a way

your dealing with property

depending on your credit and the appraised value of the property

if your appraised at 55k

lets say you need 10k

get a improvement loan for 20k you want to make it ADA compatible for seniors

now dump in your 10k keep the other 10k and increase your rents

youll have to do some leg work to see if this is something the VA or Medicare will consider then you can get the money your looking for plus have a rental paid by the government

enjoy

Wayne Brooks · Answer

Maybe your local community bank or small lender who keeps the loan in house.

Robert Barnes · Answer

@Will Gaston No I have not.  Do you know any banks or brokers in the Cola area that I can possibly try?

Robert Barnes · Answer

@Wayne Brooks That's what I was afraid of my house may appraise for 55k max.

How much ARV must you have before a bank consider a cash out refi

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