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)
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!
Thanks Austin, received your PM I'll give him a call tomorrow.
Austin, would you mind PM’ing me your lenders info.
I am always looking for new lenders.
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.