I'm buying a property in Philadelphia using a credit card and a personal line of credit. It's my first time using this method (I've previously used hard money lending), so I'm pretty nervous about it. Are there any suggestions for lenders that are willing to do a cash out refinance after my closing? The loan i would need pretty small (roughly 40-48k).
Hi @Cesar Lopez . You are right... Unrestricted cash outs are a bit tricky. Add to that the small loan amount and you are relagated to 1. Hard Money and 2. Small local banks. My suggestion is visit the bank who extended you the LOC and ask them. You might be surprised!
@Cesar Lopez Smaller banks can def help. My bank if you were in Chicago and get you a heloc at 75% right after closing for free. Call around.
@Cesar Lopez - Also MAKE SURE you can qualify for the loan before you do this. The requirements are the same if you are buying new or refinancing. So you will have credit score and DTI requirements to meet.
@Michael Barbari - which bank are you referencing?
@Catherine Brennan First Midwest Bank. Where I work. You can contact me for details.