I need help with cash out refinancing. I have a rental house that I paid cash for using a HELOC on my personal residence, the rental appraised for 70k. I would like to refinance the house and use money to invest in other properties, but the banks I talked to will not do a cash out refi on anything especially an investment property. :banghead
Does anyone have any suggestions.
By the way I have 700+ personal credit score and 65 Business score.
Cash outs are very tough. Depends on how long you have held the property sometimes. Need at least 12 months of rent receipts.
There is one trick that I have heard about and that is get a hard money loan on the property and then go to your bank to do a rate and term refi instead of a cash out. I can’t say it works every time but I have done this as a hard money lender for customers.
My suggestion would be to fake like you have a hard money loan and call some banks asking about a rate and term refi to see what they say.