I have a friend who owns his house outright.
Wants to get a loan on it to consolidate debt, but bank is giving him a run around.
Can someone please point me in the right direction?
I am trying to stay out of it because of friendship issue.
Your friend should be able to get a refinance on the property as a full doc loan and get cash out up to 70 or 75%.
If he talks to one lender that balks, tell him to keep talking to lenders until he finds one who understands his needs and understands the lenders matrix (requirements).
How can they refinance a house that has no mortgage on it to refi?
I think the better avenue would be a home equity loan, again, go to the small local banks. in my area, there’s a number of small local banks offering GREAT rates (around 5%) on home equity loans. and since he’s not trying to pull out equity on a NOO property, it shouldn’t be too difficult to complete.