Hey fellow investors. I have a property in Waldo (KCMO) that has been rehabbed and has a lease in place. It's owned free and clear and now I'd like to cash out refi. House is worth ~$300k and I'd like to pull out $200k.
Any recommendations on good banks to work with? I'm a full time investor so my income is all over the place... so I'd prefer a lender who lends on the asset (vs income) and my 800 credit score.
Also note that I'm not a MO resident. I live in CA.
Thanks in advance!
Are you willing to do a commercial loan or are you looking for residential?
@Kyle M. I live in Encinitas and also doing the same thing in KC. I'm looking for a lender that will do 80% LTV Cash out. Following this post to see what responses come in.
@Kyle M. - Sounds like you need a commercial mortgage. The most you would get is 75% LTV, but even at 70% LTV you'd get the amount you're looking for.
Your FICO is no problem so biggest factor will likely be seasoning. Most lenders require 6-12 months to consider 75% LTV. But as long as you've owned at least a month, you could get 70% which should work.
PM if you need assistance.
I have a perfect guy for you, I just did my Waldo house and then conventional for duplex in Blue Springs.
Message me if you want his info, he's quick and investor friendly.
not true on the 75%. Just closed with UMB KC at 80% LTV. Process was very easy and pain free.
Equity bank is good. Ask for Kirby Coale
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