Cash out Investment Home

Jersey City, New Jersey
Private Lending & Conventional Mortgage Advice
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Cash out Investment Home

Saravanan Raju
Member since 2020 · 8 posts · 3 votes

I have an investment property (knocked down and) newly constructed and put on sale in Edison,NJ clear of any mortgages or liens. Have got a Temporary CO too. Property values above a million. Instead of waiting for the sale to complete I would like to cash out about 400K. Can't go for conventional refinance loan since my credit card utilization is high. 

Is Bridge Loan the only option?

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  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 655 posts · 318 votes
    1y

    Or DSCR, but that would usually come with a Prepayment Penalty of some kind, so a 'Cash Out Bridge-to-sell' option should work.

    A lot of options could still take about 25-30 days or so to close but you would have some more flexibility on the credit score side of things.

    [email protected]417-427-2612
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  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    1y

    Do a bridge loan.

    0Reply
  • Deborah Wodell
    Lender · Sanford, NC · Member since 2024 · 351 posts · 117 votes
    1y

    A bridge loan could definitely be a strong option in your situation since it lets you tap into that equity without waiting for the sale to close.

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  • John DanielBusiness Member
    Lender · Charlottesville, VA · Member since 2025 · 22 posts · 4 votes
    11mo

    Hi, a bridge loan or a DSCR would work in your situation. If you want to discuss further, let's connect.

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  • John Langston
    Member since 2025 · 9 posts · 4 votes
    11mo

    I Have done that.

    Hi Saravanan, 

    I have done the same thing you are trying to do. I have Used A Company Because My Private Lender ONLY DOES THE LOAN FOR PURCHASING. THEN I NEED TO PAY HIM BACk or I pay high rates and fees to him.

    There is a very good company for what you are trying to do. 

    Goodnight, 

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    11mo
    Quote from @Saravanan Raju:

    I have an investment property (knocked down and) newly constructed and put on sale in Edison,NJ clear of any mortgages or liens. Have got a Temporary CO too. Property values above a million. Instead of waiting for the sale to complete I would like to cash out about 400K. Can't go for conventional refinance loan since my credit card utilization is high. 

    Is Bridge Loan the only option?


    You might want to try a true local private money lender given the state of the property,

    Most national lenders will require the property to be fully finished with a certificate of occupancy. Otherwise they might treat it as a mid-rehab loan and it could impact the cash out. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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