I currently own an investment property worth about 400k and owe 214K. I've owned it for 11 years. I have good credit but my last several years of income have been spotty/low as I've left a w2 job and went out on my own. Might it be possible to do a cash out refi to 70% loan to value (say 280k) if I add a cosigner? Also, might there be any other options to extract money without selling with low/spotty income? Thanks for your insight!!
Lender · Brooklyn, NY · Member since 2021 · 6 posts · 2 votes
4y
Hi, @Mark Schumacher you can cash-out refinance. In commercial real estate it is 90% about the property and how it the DSCR looks and 10% about the borrower income. Would love to answer any additional questions feel free to connect and reach out.
The property is a condo would you still use a commercial loan? Or are you saying a commercial loan might be an option to get around the low income even though the rates might be higher? Thanks
Hey mark, the DSCR loan would be an option for a cash out refi if you could not get approved for a cash out refi since your income is not really taken into account. The rates are higher, but tend to be competitive. Feel free to message me any time if you ever have questions about them.