Hello BPers! Looking to get some thoughts from you all. I have a property that will appraise for at least 200k , I plan on refinancing out of my hard money loan which is 110k. So at 75k LTV I am looking at 50k in equity, what are the odds of being able to use that equity as leverage?
What will the property rent at? If you take out the 50K in equity at 30yr fixed rates, will the property still cashflow?
1250 each unit is 3/1. Yes it would but i can only pull out so much in the refinance. So im looking to see what my other options may be , line of credit?
I am not sure how long you have owned the property for, but at 6 months you can cash out refinance based on the appraised value of the property. You can rate and term refinance with no seasoning at any time, with out cash out.
An investment property; For conventional depending on if this is a single or a multi-family: A SFR if you have #1-10 mortgaged properties, you can pull out up to 75% of the equity and on 2-4 units is up to 70% equity.
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