Cash out Refin Lenders for Rental in TX

[Alfred Litton]

Hi Folks,

Hope to hear advice on possibly doing a cash out refi on one of our rentals here in Texas. Looking to pull out funds to pay off the last of my daughter's tuition. Anyone have any information on the following?

--Are 75% LTV loans possible right now?

--What sort of reserve requirements are out there?

--Rates and points at the present time?

--How long to close?

If you have any info on what things are looking like out there, especially with these sorts of questions, please let me know. If you're a broker, please DM me.

Alfred

[Robin Simon]

Quote from @Alfred Litton:

Hi Folks,

Hope to hear advice on possibly doing a cash out refi on one of our rentals here in Texas. Looking to pull out funds to pay off the last of my daughter's tuition. Anyone have any information on the following?

--Are 75% LTV loans possible right now?

--What sort of reserve requirements are out there?

--Rates and points at the present time?

--How long to close?

If you have any info on what things are looking like out there, especially with these sorts of questions, please let me know. If you're a broker, please DM me.

Alfred

Yes - 75% LTV Cash-out DSCR Refinances are available currently

Reserve requirements typically range from 3-6 months PITIA - some DSCR lenders will allow cash-out proceeds as reserves

Rates and points generally in the 7-9% range for rates and anything from zero points to 3 or 4 points if you buy down the rate substantially

Closing timelines generally 3-4 weeks, appraisal turn times are pretty quick currently