Re-finance @ 80% of the appraisal value

[Ayman Elmasik]

Hello BBer's,

I have a house in Houston that is taking so long to sell and the best way to handle this now -as it appears to me- is to refinance it with a lender that can do 80% cash out based on appraisal value (not sales price).

the house was last appraised at 320K when i converted it to conventional loan (out of hard money), I know I should've done this search when I did the refinance but I'm still a newbie :o)

A question to the Houston REI community, do you know any lenders in the Houston market that can do that?

All the best,

Ayman 

[Ayman Elmasik]

@Peter Mckernan the market as a whole seems to be fine in the sector for houses that are around the median prices (up to 250K). this house is in an area which was flooded in 2015 so the whole are now have this stigma that makes the houses stay long in the market.

I think if I keep this house for another 2-3 years as a rental it will be still a winning deal as a whole but I want to free as much cash I can from it so I can use it in other deals.