North Carolina cash out refi

11 Replies

@Drayden Morgan I see you have one suggestion already but if you know the product you need but just need it in your location try posting in that state forum.  Bigger Pockets has some pretty good state specific forums and I bet some good North Carolinians could share with some local lenders there too.  Just a thought.

@Drayden Morgan

I just did one with Cardinal financial out of Charlotte and had a great experience. PM me if you need more info on my loan officer and the costs and interest rates etc. involved.

Originally posted by @Drayden Morgan :

Is there anybody in North Carolina who knows of any local credit unions or small backs that do cash out Refis on investment property’s?

Hello Drayden. I'm currently doing a cash out refi and purchase of another town home just outside Greensboro, NC. I'm not using a traditional bank or credit union... but a private mortgage bank/lender who is investor lender specific and friendly. This is my first one with this lender. So far the process has been moving along quickly. Note: We do all of our business in our LLC's names including financing which I personally prefer. PM me for more specifics.

@Drayden Morgan

I would focus on finding a lender experienced working with investors and familiar with cash out financing.

If you are planning on cashing out prior to 6 months, there are some creative ways to cash out more money. If you are planning on cashing out at 6 months - some lenders have overlays and require longer periods.

Hey everyone!

Just the post I was looking for.

Out of state investor from CA here and I'm finishing some projects in Greensboro NC right now and have had them for about 1-3 months. I'm about to do tenant placement soon on one, rehab for the other 2 should be done in 4-6 weeks.  Could you recommend your refi lender to me please? 

Would you suggest getting tenant placement first before even starting the refi process? What would you advised on the best route if you don't mind sharing? I wasn't sure if having a tenant in there would make a difficult for an appraiser to come out or the process in general but then again, I know rental income can be used as purchasing power, just didn't know the seasoning period length exactly for most lenders in NC. 

I pm'd a few of you here, but if anyone can assist and doesn't mind sharing, please pm me!

Happy investing everyone, NC has been a great market, has treated me well!