cash out refi on single family rental property
hello I'm new to this site.
Does anybody have experience with accessing equity from rental property? I'm looking for cash out refi on 2 single family long term rentals in Aurora, CO. These properties are free and clear. I wont qualify with a typical lender due to low income. I'm looking at (finance of america llc) and (angel oak). They both have a product based on cash flow and LTV and credit score with no personal income requirements. Finance of america quotes 70%LTV at 6.7% but are gouging on everything else with $900 appraisal $220 background check which is a credit check most likely. Heavy tittle policy ( waiting to hear back on how much) and $1600 in other junk fees plus 1% origination which is the only one that seems reasonable. They want me to pay $1800 upfront non-refundable for the 2 appraisals with the applications. They claim if actual cost of appraisals are lower they will settle up at closing. I am aware the appraisal should be around $350 ish in this market. Anybody use these guys or angel oak or know of any other options? Any advice?
Thanks, Joe