Cash out of a rental without showing income
Hello all,
I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.
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DSCR if the house can support itself based on the lenders criteria.
Working on your credit may be more important than your income going non conventional lending.
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Quote from @William C Bruckner:
Hello all,
I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.
DSCR Mixed Use might be an option depending on a few factors but you really should focus on getting that credit up - any chance you can do some repair and get that improved even just 20-30 points in a month or two?
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OK, Citi Bank is presently calling my FICO score at 729 but my 3 individual scores this AM where 636,648 and 708
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Quote from @William C Bruckner:DSCR and hard money are both an option . What is the scenario looking like ?
Hello all,
I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.
-
Lender
- Lendbright
- 267-516-0896
- https://www.lendbright.com/
- [email protected]
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I can get you up to 75% Cashout with just a 650 Fico on Mixed Use! Let's connect!
-
Lender Texas (#2590002)
- (310) 480-7355
- http://www.allloansfunding.com
- [email protected]
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Hey William -
You should have some options with your current FICO. Happy to discuss if you'd like to reach out!
-
Broker Ohio (#NMLS 2339224)
- Barrett Financial Group, L.L.C.
- 330-354-6590
- [email protected]
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Happy to help on a DSCR loan for this! Love mixed use
-
Lender
- (919) 321-1156
- https://micromanagemortgage.com
- [email protected]
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I would def use a dscr and based on your FICO you're going to need a specialty lender or broker and need to go low on LTV. These are things we can help you with when you're ready.
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Lender Florida (# LO93770) and California (#01874093)
- 714-794-5776
- http://www.fastactionmortgage.com
- [email protected]
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Quote from @William C Bruckner:
Hello all,
I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.
How much maintenance does it need? Will it pass an appraisal? You may want to consider this before paying $1-$2k for an appraisal and not have the loan close.
-
Lender California (#02161719)
- 818-269-7983
- https://www.luxeprivateinvestmentsllc.com/
- [email protected]
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@William C Bruckner I would work on your credit to get it above 660 mid score, above 680 ideally. You have a lot better/cheaper lending options with a higher score. DSCR options would be best as local banks require higher FICOs most of the time but each bank has different UW guidelines.