Cash out for rental property

[Tom Chen]

I have a property in Fort Worth, TX without a loan. I tried to take a loan out in the past and because of the delayed financing rule, I was not allowed according to the lender as I have past the first 6 months period from when the property was purchased. I looked into a HELOC but the interest is only tax deductible for home improvements only. What options are available for me to cash out on a property without a loan?

[Jayson Cain]

Hi Tom,

I think you just need to talk to another lender. Some lenders don't have any seasoning period for delayed financing, or cash-out refinance. Some would even lend on the new appraisal/BPO instead of your purchase price.