Cash out Refi question

2 Replies

Two years ago we bought a 2 unit property that also has garage that rents as an artist studio. After we bought it, we improved the property with cash investment and are now looking to pull cash out.

We got a quote on a loan for 30% LTV at 5.125% with .875 points. That seems extremely high and wanted to get others thoughts and see if anyone has some options.

Rob

Originally posted by @Robin Tenkate :

Two years ago we bought a 2 unit property that also has garage that rents as an artist studio. After we bought it, we improved the property with cash investment and are now looking to pull cash out.

We got a quote on a loan for 30% LTV at 5.125% with .875 points. That seems extremely high and wanted to get others thoughts and see if anyone has some options.

Rob

Great rate from a portfolio lender with no income verification.  If it's with a bank or full doc, it could be high although  there are a lot of factors that go into a rate like loan amount and credit score.