Private Lender Advice

3 Replies

Im looking for some help, I have an investment property that I rent out as a vacation home. I purchased the home in 2016 on land contract filing all the necessary paperwork thru a title company and putting down 20%. Im now interested refinancing with a cash out option to move onto another one. However, Im looking for a loan option that offers limited documentation. Can anyone offer advice and or guidance for me in the great state of MI. Im new to this so any advice would help..

Chad

@Chad Szakacs I would certainly recommend posting this in the Michigan forum to see if anyone there can help with a good local lender.  Finding a loan will depend on how limited of documentation you can provide.  Meaning, if you don't want to show title work documentation....that might be a problem to everyone.  There are loans that will ignore your income but will likely require your assets to be good...and you'll have to prove it with documentation.  Hopefully you have the right documentation to show for some loan types out there.  Try to be as specific as possible when you post in the Michigan forum.  Good luck!

@Chad Szakacs Hi Chad. Have you tried to refinance? I'm not sure what you mean by limited documentation but I bought a house and refinanced it 2 months later. Because I already owned the house there was almost no paperwork involved. I didn't even fill out an application. The company looked up all the information from the previous sale and filled everything out for me. I just had me sign the closing docs. Super easy! I'm in CA, but I do t see why MI would be different on this.

Scott

Thanks for the information I appreciate it. Perhaps you can send me a private message listing the company you worked with to see if there service MI as well. The stream lined approach that you shared sounds great to me. Im getting tired of constantly having to supply the same documents that I had already sent to the broker because they can't locate it again.

Thanks again!

Chad