have equity need cash

i purchased a SF home for 54k, 7 months ago. I spent a ton of money replacing EVERYTHING. It appraised 2 weeks ago for 110k. Now i’m cash and credit poor from the rehab. Credit score has decreased in the last 4 months due to the costly rehab. I need cash bad and i doubt if i can just cash out refi, with my credit score(650 in july, several late payments on everything since then). Do I have any options, i need cash quick. I have a waiting list of tenants to rent the property. My problem is i need the cash to pay off debt and fix my credit. Any suggestions? I feel the end is near. :cry:

Did you take out a loan on the property or did you pay for it and the rehab in cash? Depending on the late pays and the credit score you may still qualify for conventional financing. You can always qualify for non-prime financing unless your scores have dropped below 500. Don’t despair just talk to a good lender who will get the ball rolling for you.

How much to payoff any loans, how much cash out, and were there lates on any mortgages.

There are so many lenders with different programs that I’m sure we can find a way through this for you.

Hi! Investment Loans. I’d like to know about your no seasoning refi. I bought a property a month ago and it has 45k equity. I’d like to refi the 2nd mortgage so I can cash out the equity. Could you pls. contact me if you can do something about it?


i paid for the rehab with my cash. I need 35 to 40k out. i have a tenant waiting to rent , so i can start getting some cash flow. I had a 650 middle score when i purchased in june 05. I’ve been late on most everything since sept. Paying, but late. This is my 5th rehab and most have gone well. I just took on this one too fast. Thanks for the help thus far. I’d like an interest only for a year or two then i can sell in the high season.

You should be able to get a the cash out. Interst only as well. The only was to tell is having a mortgage professional check over the credit. Income and assets should not be a problem as the ltv is low enough you could probably qualify for a no doc. Interest rate would be no different.

if i have a 535 credit score, is it possible to refinance? Is it possible for a hml to carrry a new mortgage for me, plus the money is need out of it?

You can refinance at a 535 credit score. You won’t be able to go to 100%, but you should be able to hit 80-90% at some sub-prime lenders. What state are you in?

im in missouri. I guess i need to pull my credit to make sure how bad it is. the last 4 months have been rough. Any hard money lenders in st.louis, MO?

I guess i need to pull my credit to make sure how bad it is.

Knowing your credit score and what is on your credit is very important. However, the credit score that you see as a consumer is incorrect most of the time.

The score that you see is a “consumer” score and not what a Lender uses. Experience shows that your true credit score is lower , sometimes considerably, than the score that you receive.

if i have a 535 credit score, is it possible to refinance?

Yes. The LTV will be lower. You will still qualify, depending on your other parameters.