Real Estate Investor · Cleveland, OH · Member since 2016 · 7 posts · 1 vote
Hi,
I'm trying to extract cash from the house in Cleveland, OH (valued at $330k, if I can get at 75% that would be great). The house is currently used as AirBnB and has no financing on it. However I was denied by conventional mortgage, since I could not show enough cash reserves. What are my options ? I'm self employed, not much income last year per taxes and no cash reserves.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
6y
So the they denied the cash-out refinance? If the property is free and clear I'd continue to shop other banks. All they care about is the appraised value, your credit score, and income history. Maybe you can try for a 65-70% ReFi instead. That's added protection for the bank.