Help with cash out refinancing.

Financing, Hard Money Lenders, Private Money
1

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.

Thanks in advance

2

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.

3

Thanks guys for your replies. I will try both of your suggestions.

Thanks again
Steve