cash out refi

15 Replies

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 ?

Thanks

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. 

@Kalyan D.

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.

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.