How long does it generally take to get the cash out from start to finish? And what is the procedure? I'm assuming getting an appraisal then finding a lender to go with?
1 month maybe? Longer? Shorter?
And the reason is I'd like to make an offer on a building, but I don't have enough cash in hand. So cash out refinancing on a building I own is one option. What other options do I have? Or how can I structure the offer in a way that buys me the time to do this?
with residential homes i have heard you need 20% in equity to get an home equity loan but you havent mentioned what type of property your curious about so im unsure. I havent looked much into commercial property yet
I'm actually in the tail end of this process right now. I think I contacted the broker the week before Christmas and I will be closing on Friday.
It's all been pretty painless. I did shop around some other lenders about a month prior to actually settling with this one.
Basically, I called, told them what I wanted. They pulled my credit, presented two different programs. I picked the loan I wanted, faxed over a bunch of supporting docs. About a day later, I got hard approval on the loan and the broker ordered the appraisal. Appraiser came on Monday of this week, returned appraisal to the broker today and I will be closing Friday morning.
I'm doing an 80/10(heloc) loan to get out of paying PMI and using the cash out to pay off credit card debt and some to use towards my first REI property. When I go to closing on Friday, they are cutting me a check for the amount discussed to pay off credit cards and then I have the option of drawing additional funds at any time on the remainder of the HELOC.
I'm not sure how things work when you supply an appraisal before hand. I think most banks like to use their own appraiser, but there are some that will let you pick.
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