Non QM Lender/fix and refi to STR
Hello,
I'm under contract with a single family home in Gilbert, AZ and the house would make for a great short term rental. The house is being purchased in an LLC using hard money. Looking to spend about 65 - 70k on the rehab and then refinance out and start using it as a STR.
I'm wondering if there are any lenders out there that will approve a cash out refi at 85% LTV?. Most I've talked to will only go so far as to the standard 75% LTV. The difference of cash left in the deal between 85% and 75% is significant to the point that I'll have to just flip the property if I can't find those higher TLV cash outs for an income property.
Any recommendations?
Thank you,
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#1 Private Lending & Conventional Mortgage Advice Contributor
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#1 Private Lending & Conventional Mortgage Advice Contributor
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The market has tightened up dramatically on leverage recently, theres unfortunately about a 0% chance of finding an 85% cash-out on a STR right now
- Robin Simon
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