Looking for a Lender to Handle Cashout Refinance

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Looking for a Lender to Handle Cashout Refinance

Ryan Leach
Member since 2023 · 2 posts · 5 votes

Hello! I am doing some early research but looking for a lender that can do an 80% cash out refinance. Does anyone have any references?

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Brandon Croucier
Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
1y

80% Cash Outs are definitely possible, however it is a much more costly product.

I would recommend looking at 75% LTV as your rate and closing costs will be significantly lower.

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  • Brandon Croucier
    Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
    1y

    80% Cash Outs are definitely possible, however it is a much more costly product.

    I would recommend looking at 75% LTV as your rate and closing costs will be significantly lower.

    2Reply
  • Jake BakerBusiness Member
    Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votes
    1y

    @Ryan Leach

    I agree with @Brandon Croucier that 80LTV is much more costly. I recently explored that option on two refinances. I stuck with 75LTV to allow for a prepayment penalty to decrease the rate so I could see more cash flow. 

    I am assuming this is for a BRRRR. Be sure to confirm the lender's terms, as some may have specific requirements for cash-out refinances on non-owner-occupied properties.

    [email protected]
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  • Ko KashiwagiPro Member
    Lender · Los Angeles, CA · Member since 2022 · 967 posts · 445 votes
    1y

    Hi Ryan,

    Which state is this in? Recently done this for a client but rates tick up quite a bit and the property still has to debt cover.

    310-848-9776
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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    1y
    Quote from @Ryan Leach:

    Hello! I am doing some early research but looking for a lender that can do an 80% cash out refinance. Does anyone have any references?


    80% is achievable, but there is a very fine line and a larger list of checkboxes to hit in order to achieve this. Generally, you won't see as much cash flow as where these 80ltv cash out rates are. 75% LTV is much more common and will give you the most options are far as competitive terms go.

    [email protected]860-538-3672
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  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 277 posts · 195 votes
    1y

    Hey @Ryan Leach! Great question to start looking into early. As @Brandon Croucierand @Jake Baker have mentioned before me, the 80% LTV will be at a higher rate. To give you an idea, here's an example of where a couple of programs would be at that I use regularly for clients.

    [email protected]417-605-2196
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