Looking for 80%-85% Cash Out Refi in Alabama
Looking for lender recommendations for a DSCR cash-out refinance on a recently renovated SFR in North Alabama.
Purchased for about $100k and put roughly $60k into renovations. Rehab is complete and I have a signed lease at $1,900/month. Based on comps and conversations with lenders, I expect the property to appraise in the mid-$200s.
Most lenders I've spoken with are capping cash-out at 75–76.5% LTV. I'm trying to find out whether anyone is actively doing 80–85% cash-out DSCR loans and, if so, who they're using.
If you've closed something similar recently, I'd appreciate any lender recommendations, along with any seasoning or underwriting requirements you ran into.
Thanks!
Looking for 80%-85% cash out refi on a property. Owe about $144k. ARV around $240k. Lease signed for $1900.