Cash out refi dfw area

[Benjamin Voorhis]

Looking to find any commercial bank that will cash out refi to an llc after an all cash and rehab purchase.  having trouble finding any that don't require a long seasoning period.   I'm sure there has to be one in the dallas area! 

Thanks! 

[Michael Hayworth]

@Benjamin Voorhis, many local chains of banks will do this. You're looking for a portfolio lender that holds their own loans, rather than selling them. @Duane Kidman, you're thinking about residential loans that will be resold on the secondary markets. Rules are different for commercial lending. So are rates, though. You'll typically be looking at 25% down on a 5/15 or a 5/20 ARM, rates around 6% to start, and you can negotiate the opening rate down as you do more business with them.

Benjamin, I work with Worthington Bank and will regularly buy properties at the trustee auction, then close on a refi within 30 days to get my cash out. But they really only want to do Tarrant County. I was recently talking to a LO from Prosperity Bank, which has branches all over DFW, and he said they'd do exactly the same thing, so they might be a good one to try.