Any experience with Cash Out Refinance in New Jersey

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Any experience with Cash Out Refinance in New Jersey

Gerald Boone
Member since 2018 · 30 posts · 8 votes

What banks have you used in New Jersey (Mercer County) for a Cash Out Refinance? Does the bank require the property to be rented out for a certain amount of time?

I just bought the property in September without a mortgage.

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Jerry Padilla
Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
7y

@Mei Jiang 

75% is available as long as you have owned the property for 12 months. 

@Daniel Green 80% LTV is available for purchase price, closing costs, documented renovations within a 6 month period.

Between 6 months and 12 months you would be subject to purchase price only, not renovation costs. 

 Do you have documented renovation costs?

This is just one program of many LLC programs that different lenders offer.

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  • Christopher Giannino
    Real Estate Agent · Hamilton, NJ · Member since 2013 · 464 posts · 311 votes
    7y

    @Gerald Boone

    I bought a property back in September of 2017 and then went through the process of refinancing in April of 2018.  I spoke to a couple of lenders once I closed back in September 2017 and they all required a seasoning period of 6 months.  I bought with conventional financing though so that's why I needed a seasoning period.  Feel free to PM me to get a referral of who I used.

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  • Dan Barli
    Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
    7y

    Is this for a residential or commercial property @Gerald Boone?

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  • Gerald Boone
    OP
    Member since 2018 · 30 posts · 8 votes
    7y

    Residential

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  • Andy RouschPro Member
    Investor · Mt. Arlington NJ · Member since 2018 · 251 posts · 143 votes
    7y

    I have two great lenders for residential in NJ. They both work for different companies so you can compare rates but I will inbox them to you. 

    1Reply
  • Account Closed
    Sicklerville, NJ · Member since 2018 · 39 posts · 6 votes
    7y
    Hey, Could you message those lender referrals? Im in the same process now. Thanks!

    Originally posted by @Christopher Giannino:

    @Gerald Boone

    I bought a property back in September of 2017 and then went through the process of refinancing in April of 2018.  I spoke to a couple of lenders once I closed back in September 2017 and they all required a seasoning period of 6 months.  I bought with conventional financing though so that's why I needed a seasoning period.  Feel free to PM me to get a referral of who I used.

    1Reply
  • Account Closed
    Sicklerville, NJ · Member since 2018 · 39 posts · 6 votes
    7y
    Could you message me a referral also? Thanks!

    Originally posted by @Andy Rousch:

    I have two great lenders for residential in NJ. They both work for different companies so you can compare rates but I will inbox them to you. 

    0Reply
  • Spence O.
    Morris Plains, NJ · Member since 2016 · 28 posts · 2 votes
    7y
    Hi Gerald did youbhave any luck? Im looking for recommendations in Mercer County as well. 

    Originally posted by @Gerald Boone:

    What banks have you used in New Jersey (Mercer County) for a Cash Out Refinance? Does the bank require the property to be rented out for a certain amount of time?

    I just bought the property in September without a mortgage.

    0Reply
  • Carlos Mainor
    Member since 2019 · 5 posts · 2 votes
    7y

    Hello all, 

    I just joined BP so I’m a few days late on this thread. I’m a mortgage banker and I have customer with a loan that should be closing in the next week or so. It’s also a NJ investment property cash out refi. I guess, to answer your question, it depends on the lender. Some require 6 months rental history, some 12, and some none at all. Hope this helps

    1Reply
  • Mei Jiang
    Investor · Westfield, NJ · Member since 2017 · 12 posts · 1 vote
    7y
    Originally posted by @Andy Rousch:

    I have two great lenders for residential in NJ. They both work for different companies so you can compare rates but I will inbox them to you. 

    Hi Andy, can you inbox me the lenders as well ? Thanks a lot for your help. I have a two unit multi-family (under LLC) to be financed. But all lenders I contacted so far can only do 70% LTV instead of 75%. Also most lenders don't lend to LLC.

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  • Daniel Green
    Investor · Cresskill NJ/Pigeon Forge, TN · Member since 2014 · 83 posts · 41 votes
    7y

    I'm also looking for a cash out refinancing for a 2 family. Property is valued at around $600K. I bought it for $450K about 3 months ago and renovated it. I have a high credit score. I'm looking for an 80% LTV cash out refinancing at the 6 month mark. Anyone know if this exists.

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  • Jerry Padilla
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    7y

    @Mei Jiang 

    75% is available as long as you have owned the property for 12 months. 

    @Daniel Green 80% LTV is available for purchase price, closing costs, documented renovations within a 6 month period.

    Between 6 months and 12 months you would be subject to purchase price only, not renovation costs. 

     Do you have documented renovation costs?

    This is just one program of many LLC programs that different lenders offer.

    1Reply
  • Daniel Green
    Investor · Cresskill NJ/Pigeon Forge, TN · Member since 2014 · 83 posts · 41 votes
    7y

    Can I get 80% at 12 months based on appraised value?  Not sure why they wouldn't use appraised value instead of purchase price.

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  • Daniel Green
    Investor · Cresskill NJ/Pigeon Forge, TN · Member since 2014 · 83 posts · 41 votes
    7y

    Also this would not be under an LLC. This would be under my name.

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