cash out refinance investment property

[Andrew P.]

We want to do Cash Out Refinance which the title would be in the name of a LLC, currently creating, and we are looking for all term options greater than 15 year. Has anyone worked with a lender that will do this? We have only found lenders that will do a 15yr note.

[Dulce Davis]

I'm also in Texas and do only 30yr mtgs on my homes. Latey Ive been doing Delayed Financing, which is buy and rehab on cash, then finance within 6 months of purchase. There's lenders that can do both hard money and long term, those sometimes give you a little rate break on the long term side when u do the hard money up front with them, and I've also done conventional financing. All were 75% LTV. Once rates go down I will refi the ones with the higher interest rates. Make sure when you're researching to ask about prepayment penalties. That will destroy refi plans. Also, be aware the lender's appraisers have also messed up my LTV numbers. I've begun a list of appraisers not allowed on my properties, and will now begin having my own appraisals done to see if it helps me win against bad appraisers. Good luck!