Cash Out Refinance Options

[Joseph Gray]

Recently purchased a home for $85K Cash and have put about $13K into it for a total investment of $97K.

It should appraise for around $130K.

I would like to hang on to the property and rent it but need to recoup my investment of $97K for other investment opportunities.

Anyone know who the best lenders might be where I can keep the house in the LLC name and pull out a minimum of 80% LTV based on on appraised value?

Thank you!! :)

[Alex Bekeza]

@Joseph Gray Like others have pointed out, 75% is likely the highest you're going to get and still get cash flow and decent rates on a 30 year term.  RCN advertises a max 75% cash out on their long term stuff on their site so not sure if @Patrick Britton is talking about one of their short term loan options. 

There are some options out there that will beat RCN's rates, allow cash out up to 75% of appraised value as early as 90 days title seasoning, allow for LLC vesting, etc. Just make sure you shop a few different companies and get terms sheets rather than verbal quotes.