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
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.