I'm interested in doing a cash out refinance of my rental property in Dallas, TX. Looks like regular banks will not do cash out refi on investment properties. Any suggestions on where I can look for cash out refi ?
Try Wells Fargo. I know they offer it but they have low LTV ratio.
Whats the value of the property and how much are you looking to cash out?
You'll just have to call around to a few different banks/lenders until you find one that will do it. I'm not familiar with banks/lenders in Texas, but I've done a cash-out refi through USAA before and they're based out of Texas so you might try talking with them.
Why don't you talk to the 1st position and get a LOC? You may get better LTV.
Thanks Kelly. Will send you a direct email.
Call CMG Financial. They did a cash out refi on my rental.
Updated over 4 years ago
*** Legacy Mutual Mortgage *** Ask for Lisa Love
Prosperity bank will cash out up to 80% I believe.
You can cash out refinance......
Here are the numbers on an investment property;
On an investment property; A SFR if you have #1-6 mortgaged properties, you can pull out up to 75% of the equity and on 2-4 units is up to 70% equity.
On an investment property; If you have 7-10 mortgaged properties, including subject you can only pull out money in the first 6 months (delayed financing) that you own the property, if you own the property free and clear. As long as the value is there (on a SFR 70% LTV and 2-4 units 65% LTV) You can take out up to the purchase price plus closing costs on the property.
Do you have an office or contact in Texas - Commercial, SFR and Multi-Family?
I know I'm late to this conversation, but credit unions have been my go to lenders lately. They offer competitive rates and usually the lowest closing costs. I have done C/O refinances on both owner occupied and rental property. LTVs to 75% or so. I always surprised how few people I talk to don't check with their local lenders. You may be surprised.