New to the forum and need some insight. I purchased my first rental property back in July. Put down 25% for a positive cash flow with a nice low mortgage payment. I have a tenant in the property that will be longterm.
My question is, I’d like to get my 25% back out of the property to use to buy another property. Called a few lenders but they only lend up to 85 or 90%. Does anyone know of a lender that will refi for 100%?
Does anyone know of a lender that will refi for 100%?
Unfortunately, no one is offering cash out loans with that type of parameters. Especially on investment properties.
I’m not dissatisfied with the property. It will be a winner for years to come. How can I use the equity in this little money maker to grow my property portfolio?
Cash out refinance on a non owner occupant property is a tall order with a LTV of 70% or greater. I live Las Vegas so I have first hand knowledge that lenders are not making this type of loan. They say they will they advertise they will but they wont do it. Real Estate values are still go do in the Las Vegas market. The first property a investory will walk away from is the one with the highest CLTV. The lenders are painfully aware of this because of the number of second homes or investment properties they have foreclosed on. So Your personal resident is the best source to pull money out of assuming you have some equity, good credit, a job or income to qualify for they loan. HELOC are still available. If you are approved for a HELOC DO NOT TELL THE LENDER you will be using the loan to purchase more REAL ESTATE. This is s DEATH WISH. Tell them home improvement or bill consoldiation. Good Luck :bobble