Although you’ve been out of the game I’m sure you’ve heard whats been happening within the mortgage industry over the last couple weeks.
You must find a broker that not only knows how to work investment loans but also stays on top of the constantly changing guidelines.
Several initial questions.
How long have you owned the property? If under 12 months you may find it challenging to get cash out.
Why do you believe you need to go no doc? If you have a 2 year histoy of owning the same company then no ratio or stated may work.
How long do you plan to hold?
If you want the most accurate programs available make sure that any mortgage professional you speak to is asking at least these questions, if not more.
My thoughts are that there is a lender that can do a stated or no ratio cash out refinance up to 75% with no seasoning restriction. So if you recently purchased you’d be fine. The loan can be up to $1,000,000 so at $1.2M you’d be set.
If No Doc is truly needed then 60% could be done. My main concern for you with this is the payment amount in relationship to the rent. The lender will not allow no doc if the property is generating a negative cash flow.
Look for a mortgage consultant that is able to lend Nationwide, there are seveal on this board that may be able to assist you.
Ben - I may not have been as clear as I should have. That goes to show you how much out of it I am.
I am trying to get to first base - which is to extract as much cash as I can from a NJ SFH rental I’ve had for over 15 years. I never had a reason to refinance so the mortgage is 15 to 18 years old!!
I was thinking of selling to get about $900K equity out but then I thought - wait a minute - maybe I should refinance instead. I could make do with $500K until the NY metro area turns around. Then the XXXX hit the fan and I read that it is now next to impossible to do a refinance like what I have a mind.
Guess I’ll ring up a few mortgage brokers/lenders to get the latest take.