I recently completed a renovation on a semi-attached, 4 bed, 2 bath in Baltimore, MD that based on comps is probably worth around $160k now. I am looking for a cash out refinance. Assets a plenty to pay the loan off many times over, but debt to income ratio is not good enough for conventional financing. Do any of you know of any local lenders in Baltimore that would work with a borrower who cannot show good income but can show plenty of assets? I am looking for an established institution (not an individual investor or hard money lender), like a local bank or credit union, that does this type of lending.
Thanks for any and all advice!
Even the small commercial lenders will most likely have underwriting difficulties on this. Small commercial banks are about the only option. Out of state owner... stated income?... not sure that will fly. Good Luck.
Thanks, Chris. Would you happen to have any names of small commercial banks that I could call?
I appreciate the reply.
No lender (broker, correspondent or bank) will do a stated income, owner occupied loan, in Maryland. Our previous governor, Martin Owe'Malley made it illegal and then if you dump Dodd/Frank restrictions on top, it won't happen.
We offer stated, NON-OWNER, for single family residential to 70%. PM me for details. (A big deal will be when you bought it. Seasoning is an issue for 12 months).
Thanks for the reply. Purchased the property six months ago so it sounds like you couldn't help (yet). Yes this is a rental, not owner occupied.
Have you found an answer to your inquiry? I'm going to be in the same boat - I'm purchasing and renovating a rental property in Baltimore - using all cash. However, I'll need a lender to do a cash-out re-finance to pull my capital back out. I'm looking for:
Lending amount at least 75% LTV / ARV (based on end value, not cost)
No seasoning requirement
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