Cash Out DSCR Refi Inquiry
Someone recently suggested that I used a person (unknown to me but referred) to use their credit to help be refinance. I was told they would have to be 50/50 on the business with me and as long as they are at a 620 or a 680 this is doable. Has anyone done this before? Is this ok to do? My issue is my credit took a hit during renovations and I had to evict someone that wasn't supposed to move in a property. My largest goal is to get a refinance quickly. Also are appraisals always required I know that some companies used BPOs. The value is in the properties I just have to refi to get there if that makes sense. I could use the input from a more experienced investor as I am in a tough cookie at the moment and don't want to make decisions out of despair. Also if you have any other suggestions as time isn't my buddy at the moment.
Most Popular Reply
Hi Tara,
You can put your partner as a guarantor to qualify with higher credit score. Usually they have to have more than 20-25% ownership in the LLC.