Suggestions Welcomed - Cash Out Refinance Question

3 Replies

I have 3 rental properties out in Charlotte, NC that i own free and clear.  Trying to do a cash out refinance but i am running into the same issue which is.......

2016 W2 income and 2017 Self Employed

I also have cash to show in brokerage accounts, bank accounts and mutual funds. 

all 3 properties are rented out as well

Any suggestions? or is it best to wait until i can show a second year of self employed?

Originally posted by @Scott Rubzin :

I have 3 rental properties out in Charlotte, NC that i own free and clear.  Trying to do a cash out refinance but i am running into the same issue which is.......

2016 W2 income and 2017 Self Employed

I also have cash to show in brokerage accounts, bank accounts and mutual funds. 

all 3 properties are rented out as well

Any suggestions? or is it best to wait until i can show a second year of self employed?

 If you really need the money ASAP, there are now alt-a programs that'll use bank statements for 12 months to validate your self employment income. Rate will be higher, so this would be "holdover" financing until you reach that 2 year mark. 

You can use a commercial loan but the rate and term will be slightly less favorable than a conventional Fannie/Freddie loan. 

Appreciate you guys reaching out so quickly...the commercial loan would be under my companies name?   I do not need the money ASAP