Cash out refinance hard money lender recommendations

[Kevin O'Brien]

I am in the final stages of a rehab in Indiana that I was planning on refinancing through a hard money lender once it is rented. Before the virus I saw some hard money lenders up to 80% LTV @ 6% for 30 year fixed loans.

Are there any lenders offering similar terms now? Property was 70k and with the rehab I’m in it for just under 90k. It should appraise for 130k. I expect to be able to rent it for $1375. 

Expenses are $200 a month for taxes and insurance. So with a mortgage at 6% it's somewhere around a 1.9 DCR.

[Guifre Mora]

Originally posted by @Kevin O'Brien:

I am in the final stages of a rehab in Indiana that I was planning on refinancing through a hard money lender once it is rented. Before the virus I saw some hard money lenders up to 80% LTV @ 6% for 30 year fixed loans.

Are there any lenders offering similar terms now? Property was 70k and with the rehab I’m in it for just under 90k. It should appraise for 130k. I expect to be able to rent it for $1375. 

Expenses are $200 a month for taxes and insurance. So with a mortgage at 6% it's somewhere around a 1.9 DCR.

Kevin, realistically you are looking to 70/75% LTV. I'm starting to see lenders are coming back slowly but LTV's are not pre CV-19.