Private Cash out refi please.

9 Replies

I'm looking for cash out refi money (maybe private) for several SFR rentals in cleveland OH. Each worth ~$40-50k. Based on rental income would be great since I'm self employed so minimal documentation is best for me.

Any ideas?

If you go with a commercial lender, they will be more willing to do off of the rental income and not your personal income. It will be though with thoes low loan amounts though. intrest rates will be high. Start calling around to local banks and credit unions. No private lender wants money held up for 10/20/30 years.
How much equity do you have in them? How much cash are you looking to get out? What's the cash for?

3 owned outright. 75% luv cash out would allow me to add cash and buy more!! That's the idea. Then I'll ask you to cash out the next one(s) 😀

You could definitely do 65% LTV cash out without issue. Possibly up to 75, depending on the lender.
You may want to consider a portfolio refi to squeeze the max $$$ out (since you'll be able to borrow against the combined LTV).

@Dan Silverstone Your best bet might be a local community bank or credit union on their portfolio or commercial lending side. They will look mostly at the deals and you secondarily. They should be able to get you 75% LTV individually or as a blanket on all your properties. It will be an invaluable relationship for you to build.

Thank you @Kevin R. I'm searching and calling today!

Originally posted by @Dan Silverstone :

I'm looking for cash out refi money (maybe private) for several SFR rentals in cleveland OH. Each worth ~$40-50k. Based on rental income would be great since I'm self employed so minimal documentation is best for me.

Any ideas?

 I recommend MB Financial for this type of property. They are one of the only mortgage companies I know that consistently loans on very low value assets like that.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

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