All Forum Posts by: Joanne V.

Looking for a lender to do a cash out refinance on our investment property with a loan based off the rental income.  My husband recently started his own renovation business so we can't do traditional funding.  This property has a lot of equity (about $1 M), with really good rental income.

I got information from a lender, but the origination fee is 2.99% of the loan. Is that typical? What should I be looking for when I go to non-traditional lenders/HML? Willing to do what needs to be done, but don't want to look back and say wow we really overpaid on fees, etc.

Thank you in advance.

@Nghi Le, thank you.  Will look into it asset-based lenders.

Just joined biggerpockets and would love some input on our current situation regarding financing.  We are looking to pull out  equity on the only investment property we have at this time.  We were landlords and did a few flips, but then came 2008.  We have a property with a 1st of 161K and 2nd 96K.  Value of home is a minimum of 1.5 million or maybe higher.  Looking to renovate one of the apts that is presently empty as well as start RE investing again.  We are holding on to the property.  We were discharged from Chapter 13 4 years ago.  Traditional financing is not an option, one reason is need to wait 7 years out of discharge, and my husband recently left the rat race and started his renovation business. 

I am thinking hard money can be a way to go, but doesn't seem like a long term option and we are definitely keeping the property. 

Any suggestions/ideas/route from some seasoned investors would be greatly appreciated.