Cash Out Refi in Gadsden

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Jesse Byrer
Lender · Chicago, IL · Member since 2008 · 54 posts · 34 votes
9mo

@Charles Goodwin must won't go below $75K (max loan to value ratio of 75%) so with a value of $85K your loan would be too low. Is the property currently free and clear or do you have a lien on it? I have an investor HELOC that might be an option! Happy to talk though it if you'd like.

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  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 655 posts · 318 votes
    9mo

    Hey Charles,

    I know of a couple that will go down below 100k with a little rate adder. Is it vacant or do you have a tenant in there already?

    [email protected]417-427-2612
    1Reply
  • Jesse Byrer
    Lender · Chicago, IL · Member since 2008 · 54 posts · 34 votes
    9mo

    @Charles Goodwin must won't go below $75K (max loan to value ratio of 75%) so with a value of $85K your loan would be too low. Is the property currently free and clear or do you have a lien on it? I have an investor HELOC that might be an option! Happy to talk though it if you'd like.

    1Reply
  • Devin Cordell
    Real Estate Agent · Birmingham, AL · Member since 2023 · 36 posts · 20 votes
    9mo

    I have a couple that will in Alabama. Sent them to you. 

    1Reply
    • Charles Goodwin
      OP
      Investor · Piedmont, AL · Member since 2015 · 19 posts · 3 votes
      9mo
      Quote from @Devin Cordell:

      I have a couple that will in Alabama. Sent them to you. 


       Thank you @Devin Cordell!

      1Reply
  • Charles Goodwin
    OP
    Investor · Piedmont, AL · Member since 2015 · 19 posts · 3 votes
    9mo

    @Jesse Byrer I am absolutely interested in a HELOC! I will message you.

    0Reply
  • Frank PyleBusiness Member
    Specialist · USA · Member since 2024 · 279 posts · 130 votes
    9mo

    Yeah — a lot of banks/lenders have minimum loan amounts (often $100k+), so you’re running into overlays more than anything.

    If you're open to a DSCR-style refi or a small-balance portfolio option, there are a few lenders that can sometimes go below $100k depending on credit, LTV, and whether it'll be a rental. If you want, comment or DM me the address (or zip), estimated after-repair value, how much cash you're trying to pull out, and whether you're planning to rent it or live in it — and I'll tell you the cleanest path and what minimums you'll realistically be looking at.

    [email protected]317-501-3467
    Frank Pyle at ExP Realty
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    1Reply
  • Kyle HendricksPro Member
    Lender · Member since 2021 · 170 posts · 74 votes
    9mo

    We do HELOCS for this scenario a lot. They allow investment properties and automated appraisal with funding in as little as 5 days. Let me know if you want more info.

    Best of luck and congrats on the deal!!

    [email protected]253-355-0247
    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    9mo
    Quote from @Charles Goodwin:

    Anyone know of a bank that will do a cash out refi on a single family home that I just finished renovations on. Expecting an $85,000 valuation and most places I have contacted won't do anything under $100k. House is located in Gadsden, AL.


     What was the purchase price and rehab cost spent?

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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    0Reply
  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 510 votes
    9mo

    There are DSCR loans that will go down to a $75K appraised value. There is a seasoning period for a cash out in general especially with lower limit loans as there's less lenders that will do them.

    Happy to connect to discuss further. 

    [email protected]818-770-0340
    Bright Skyline518 Reviews
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    0Reply
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