Loan options for a cash paid property

Chicago, Illinois
Creative Real Estate Financing
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Loan options for a cash paid property

Sunil Sharma
Member since 2018 · 29 posts · 2 votes

Hello,

We just bought a townhome in Harvey, IL, all cash paid. This is already rented on M2M.

What are our options to get most of our money back so that we can invest in other good properties? 

PML or DSCR loans or any other type of loan with reasonable interest rates.

Appreciate your guidance and referrals!

Sunil

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Jeff CopelandBusiness Member
Real Estate Broker · Tampa Bay/St Petersburg, FL · Member since 2015 · 1k+ posts · 2k+ votes
4y

I you have sufficient credit and income, and the patience to deal with the application and underwriting process, a conventional cash out refinance into a 15 to 30-year fixed rate loan will get you the best terms, at 75 to 80% max LTV.

Copeland Morgan LLC4.770 Reviews
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  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    4y

    You should be able to use "delayed financing" which would allow you to pull cash out using the purchase price for a conventional loan or a DCSR loan.  

    Hurst Real Estate, INC4.989 Reviews
    WebsiteView Page
    1Reply
  • Jeff CopelandBusiness Member
    Real Estate Broker · Tampa Bay/St Petersburg, FL · Member since 2015 · 1k+ posts · 2k+ votes
    4y

    I you have sufficient credit and income, and the patience to deal with the application and underwriting process, a conventional cash out refinance into a 15 to 30-year fixed rate loan will get you the best terms, at 75 to 80% max LTV.

    Copeland Morgan LLC4.770 Reviews
    WebsiteView Page
    1Reply
  • Jayson Cain
    Lender · Manhattan Beach, CA · Member since 2017 · 423 posts · 268 votes
    4y

    @Sunil Sharma You could get up to 80% LTV with a DSCR Loan

    1Reply
  • Jack Mawer
    Lender · Member since 2022 · 338 posts · 374 votes
    4y

    You can qualify for delayed financing with a DSCR loan, happy to look at your options

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y

    Just PM'd

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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    1Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    @Sunil Sharma cash out refi. 85%

    1Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    A DSCR cash out refi, can put you in touch with my lender who has this product.

    1Reply
  • Sunil Sharma
    OP
    Member since 2018 · 29 posts · 2 votes
    4y
    Quote from @Jay Hurst:

    You should be able to use "delayed financing" which would allow you to pull cash out using the purchase price for a conventional loan or a DCSR loan.  


    Thanks Jay for the reply. Do you offer DSCR loan or can you refer us to DSCR loan lender, please? Please DM me w/ details.

    Sunil

    0Reply
  • Sunil Sharma
    OP
    Member since 2018 · 29 posts · 2 votes
    4y
    Quote from @Eliott Elias:

    A DSCR cash out refi, can put you in touch with my lender who has this product.


     Thanks Eliott for your reply. Yes, please DM me your lender details. Appreciate your help!

    Sunil

    0Reply
  • Sunil Sharma
    OP
    Member since 2018 · 29 posts · 2 votes
    4y
    Quote from @Jayson Cain:

    @Sunil Sharma You could get up to 80% LTV with a DSCR Loan


    Thanks Jayson for the reply. Do you offer DSCR loan or can you refer us to DSCR loan lender, please? Please DM me w/ details.

    Sunil


    0Reply
  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    4y
    Quote from @Sunil Sharma:
    Quote from @Jay Hurst:

    You should be able to use "delayed financing" which would allow you to pull cash out using the purchase price for a conventional loan or a DCSR loan.  


    Thanks Jay for the reply. Do you offer DSCR loan or can you refer us to DSCR loan lender, please? Please DM me w/ details.

    Sunil


    Yes, we do make DSCR loans in Illinois where you can use delayed financing.

    Hurst Real Estate, INC4.989 Reviews
    WebsiteView Page
    0Reply
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