Cash out refi & full time investor?

14 Replies

Hello! How are you full time investors qualifying for cash out refis? Banks don't like us bc we don't have W2 income, and a lot of the inventory here is between 50-100k and some bigger lenders want 100k min loan or property value so a lot of our assets don't fit their model.

Any advice is appreciated! Thanks BP community!

@Jacob Thorp My husband can still qualify for convetional cashouts because he has a W2.  I don't, so I have to commercial lending (and I can still get a cashout). It sounds like the main sticking point is the loan value.  In that case, buy 2-3 properties together and do a portfolio loan and get around the minimum loan value.

@Whitney Hutten , thanks for the response! I have been looking for portfolio loans exclusively, but most of the lenders have a 75k or 100k min property value requirement and won't even entertain the lower properties. Which is too bad, Rochester, NY has been in the news for being a VERY stable market, but as a result the prices are lower! Finding a lender that is willing to work with us has been tricky post-COVID!

@Jacob Thorp - Have you spoken to CNB or Upstate Bank?  I currently have multiple properties valued between $50-100K under portfolio mortgages with CNB.  I haven't worked with Upstate but I have spoken to them and have been told that they would do the same.