Cash out refinance for investment property

Columbia, South Carolina
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Cash out refinance for investment property

Charwak Gummalla
Member since 2020 · 27 posts · 7 votes

Hello everyone 

we bought a house at a county foreclosure auction for 420k. We applied for financing through a major bank and they already ordered the appraisal and it came out at 630k. However they said they would only do 80% ltv based on the purchase price (420). We are looking to get the price we paid for the house (420k). We will move ahead with the finance if there are any lenders who can do this. Thanks

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  • Emmanuel BlakemoreBusiness Member
    Miami, FL · Member since 2024 · 6 posts · 3 votes
    10mo

    Would love to help out Charwak! We can use the appraised value with no seasoning. Feel free to shoot me a DM or give us a call. (305-419-0798)

    [email protected]305-419-0798
    Blakemore Mortgages551 Reviews
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    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 680 votes
    10mo
    Quote from @Charwak Gummalla:

    Hello everyone 

    we bought a house at a county foreclosure auction for 420k. We applied for financing through a major bank and they already ordered the appraisal and it came out at 630k. However they said they would only do 80% ltv based on the purchase price (420). We are looking to get the price we paid for the house (420k). We will move ahead with the finance if there are any lenders who can do this. Thanks


    Charwak, 

    Let’s connect - lots of ideas here!

    [email protected]860-538-3672
    ProAlpha Capital55 Reviews
    WebsiteView Page
    0Reply
  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 663 posts · 320 votes
    10mo

    Certainly possible to get it done with more investor-friendly seasoning timeframes.

    The issue I could see is that you might not be able to use that appraisal again. If you used a major bank, they may, or may not, have utilized an Appraisal Management Company to oversee the appraisal and you might have to get (and pay) for a new one.

    Happy to connect and talk through any additional implications to help shape expectations at this point.

    Good luck!

    [email protected]417-427-2612
    0Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 692 posts · 237 votes
    10mo

    Hey Charwak!

    Yes for sure, there are options with no seasoning so seems pretty standard.  Could use the appraisal as well if they would be willing to transfer it.  Feel free to reach out though if its helpful to look at a few options there.

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group547 Reviews
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  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    10mo

    @Charwak Gummalla - yes, we too can quote you on the no-seasoning cashout to get your full $420k back.  Reach out.

    0Reply
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