Cash out refinance options?

[Jason T.]

Hi. I need to do a cash out refinance on an investment property I just finished rehabbing. I'd like to get 80% LTV, but the best I can find so far is 75% LTV. I am in North Carolina.

Does anyone know if an 80% LTV is possible, and if so, where I might be able to find one?

Thanks so much.

[Jon Puente]

Hey Jason, 

Unless there is a special program at a small lender for cash out refinances on INV properties, you will be capped at 75% LTV. The interest rate & costs jump significantly from 75% to 80% (should you find someone to lend that much), so I am not sure that is worth it for you. The only option to look for would be a NonQM DSCR program or something of that sort.

Let me know if I can help further! I am a local mortgage broker in Charlotte, NC.