Seeking lender to help with delayed financing

4 Replies | Columbus, Ohio

Hey Columbus people!

I'm searching for an Ohio lender who can help pull 100% of $ back out of a cash purchase, via delayed financing (of course contingent upon appraisal being high enough).

For those unfamiliar, check out this great post on the topic (specifically part 2) 

https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property

https://www.fanniemae.com/content/guide/selling/b2/1.2/03.html

I've talked to several loan officers who are typically investor friendly, they all either want the investor to leave some of their own cash in the deal for first 6-12 months due to their own banks overlay, or they don't understand this process/don't want to mess with this.

Has anyone successfully pulled 100% of their cash out of an all cash purchase in Ohio with this technique? If so will you please share which bank it was with? :p

Thanks in advance,

Hi Tucker, I just reached out to my lender that I have a close tie with. He does cash out loans. And he responded in 5 seconds. Local lenders are the best. He’s asking if this is single family or multi? I’m guessing it’s not owner occupied. Also I’ll pm you the lenders info so I don’t have to play middle man. I hope he can help!

I am in the process of doing this right now for recently closed properties in Columbus. However, I can only pull out 70% of the appraised value for a multi that isn’t owner occupied, not 100%. If that is what you’re looking for, feel free to PM me.