Non QM Lender/fix and refi to STR

[Bryan Field]

Hello,

I'm under contract with a single family home in Gilbert, AZ and the house would make for a great short term rental. The house is being purchased in an LLC using hard money. Looking to spend about 65 - 70k on the rehab and then refinance out and start using it as a STR.

I'm wondering if there are any lenders out there that will approve a cash out refi at 85% LTV?. Most I've talked to will only go so far as to the standard 75% LTV. The difference of cash left in the deal between 85% and 75% is significant to the point that I'll have to just flip the property if I can't find those higher TLV cash outs for an income property.

Any recommendations?

Thank you,

[Robin Simon]

Quote from @Bryan Field:

Hello,

I'm under contract with a single family home in Gilbert, AZ and the house would make for a great short term rental. The house is being purchased in an LLC using hard money. Looking to spend about 65 - 70k on the rehab and then refinance out and start using it as a STR.

I'm wondering if there are any lenders out there that will approve a cash out refi at 85% LTV?. Most I've talked to will only go so far as to the standard 75% LTV. The difference of cash left in the deal between 85% and 75% is significant to the point that I'll have to just flip the property if I can't find those higher TLV cash outs for an income property.

Any recommendations?

Thank you,

The market has tightened up dramatically on leverage recently, theres unfortunately about a 0% chance of finding an 85% cash-out on a STR right now