Cash out ReFi Lender

6 Replies

I’m looking for a lender to provide cash out ReFi’s for rental properties in ATLANTA. I have a local bank that I have used, but now they are wanting the properties to season longer. I buy properties cash, get them rent ready and the put a tenant in place. I’m just looking to get out the cash that I have put in the property. Any recommendations would be greatly appreciated.

@Rush Wall Under conventional terms, you can only get that cash out within the first six months up to the amount you paid for the property originally or 75% loan to value (on SFH)/70% loan to value (on MFH), whichever is lower.

For example, the property is worth $150k but you paid $90k for it in cash - the most you can take out within the first six months is $90k (60% LTV). Is that what you are looking for or are you in search of a private lender that is going to make an exception and let you get full cash out (in which I do not know of any that will let you do so).

@Rush Wall As long as you have owned it for 3 months, 100% loan to cost (no more than 75% LTV) is available. These are commercial cash flow based loans, not Fannie Mae. Rates are a little higher than Fannie, you are not limited to a maximum of 10 loans like Fannie, and your personal debt to income does not come into play. Neither does the income on your tax return.