Hello! I am desperately looking to do a cash-out re-fi on 2 different
properties. The LTV would be about 58%, we have credit scores around
800, have owned the properties for almost 20 years (verifiable rental
history), current rents would cover PITI (after the cash-out).....but we
are W-2 employees in a new start-up that does NOT have 2 years
history. Can anyone help point me in a direction or refer me to
someone/anyone (??) who could possibly help me? Would need to be at
about 3.375-3.5% to have it make sense. FM/FM loans will not work due
to the fact that they cannot 'count' our income. Any direction would be
greatly appreciated! Thanks in advance.
What state are these properties in?
@Nicholas Covington they are in Washington State
You might want to consider a “bank statement” loan if you’ve had consistently enough income coming to your bank account, but the interest rate would probably be about 1% higher
Jim Spatzenfeld Do you have any suggestions of institutions/contacts I might be able to use for a bank-statement loan?
@Laura MacDonald You can absolutely find a loan. I know one lender in Washington that can help if you want to DM me. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet. You can also read this post on how to find good lenders HERE.
Thanks @Andrew Postell I would love the contact info of your referral in WA....will DM you. Thanks for the great advice as well!
@Laura MacDonald you can definitely get a loan as a W2 employee in this situation! There are conventional and portfolio options that would allow you to cash out refi your properties and keep your interest rate in the mid 3s as you stated. I will send you a connection request. Thanks for posting on BP!