Seeking advice in GA - No docs loan process, requirements and lender recommendations!
Hi BPF, I need advice on this matter. With the support of a broker, i started my no docs cash out refi journey (I'm open to other products) in August early September for my one and only investment property, a SF townhome. The 1st lender, Velocity, I walked away because the numbers did not work for me and now I'm working with a 2nd lender. The new lender reviewed the appraisal report and noticed a brown spot (indicating a leak) in the laundry room which needs to be addressed before they can move forward. Is this the norm? I definitely need to make additional updates to the property and that's part of the plan. Additionally I'm refinancing investment property into my company's name. Seeking suggestions and advice please. Thank you!
Most Popular Reply
If the property doesn't need any major rehab, it's definitely a good idea to go ahead and fix the leak asap in order to close. If there are any issues on the appraisal, such as a leak, it is pretty common for a lender to require that be fixed before closing on a DSCR loan. Both Velocity and Visio are good lenders, and refinancing into your company's name is exactly what you should be doing as most lenders prefer to close under an entity. In putting the loan in your company name, you are open to more financing options.