Cash Out Refi- Non Owner- 580 mid

I have friend who has a 2unit he needs to refi and pull cash out. His credit score is a brutal 583 mid…Anyone know any programs that he can get at least 85% LTV…Interest rates aren’t a major concern as long as their is no prepayment and he can refi after he gets his score up in 6 months, to lower the rate. Thanks



Stated or full doc? OO or NOO? if NOO are both sides rented? Where is the property located?

Sorry, full doc…non owner occ. Both sides have leases and tenants will be in there as of June 1st…Place is a gut rehab 90% complete with the exception of kitchen and bath floors and cabinents. Seasoning not an issue, he has owned for 2+ years. 1 (30) late on his mortgage in the last 12… no bk’s


The credit is not the main issue at this point. The main issue is that the property is vacant. He can get the loan process started, but he should wait to do the appraisal until the tenants have moved in. I don’t know of any non-prime lenders who allow cash-outs on vacant NOO properties.

Thanks Christopher, what about sub-prime lenders? The guy is in a jam and has used some hard money lenders to finance the rehab. He needs to pay them back in 5 weeks. DO you think his only option is to deal with another hard money lender again to pay off the first sum

He can do a straight rate term refinance without issue. If he has signed leases then he should be okay. Did he get deposits? If so providing copies of cancelled deposit checks will go a long way.