Hello everybody I am a up and coming investor here in Fresno, CA and I was wondering if anybody knew of any banks that lend on the appraised value of a property as soon as the property is rented out. Please let me know, thanks in advance!
Was the property financed initially? With conventional, you can cash out refinance on appraised value if you paid cash for the property based on appraised value, prior to 6 months. You are limited to a cash out max of your initial purchase price plus closing costs, prior to 6 months.
Hello Jerry thank you for the response. I barely bought this particular property in June so its only been a couple of month and I did not pay cash for it.
@Eduardo Villa there are a number of options for you, most lenders like having the property cash flowing before they lend to it. you should be able to easily do a cash out loan. feel free to shoot me a message if you'd like some names of good lenders.
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