I was wondering if anyone knows if I can refi an investment property I just purchased in AZ that is appraised at $880k. I bought the property for $575k with hard money. I have the opportunity to lease option it out but cannot do this when I have this hard money loan at 18%.
My credit is 700+
debt to avalible credit is bad
no lates or bk or any negtive on credit report
I assume this will be a NOO occupied property. Are you looking for stated or full doc? Just a rate term refinance?
Your ltv is low enough that you should be ok for full or stated if you have enough liquid assets. Rate term and possibly cash out.
[quote author=terry4494
debt to avalible credit is bad
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What did this mean? Your debt to income ratios? If so, then the full doc or stated I mentioned earlier may not work. You may need a “no ratio” loan.
Yes, you can refinance the property but you have to work with experienced loan officer.
As long as you have not listed on mls this can be done. If it has still a possibility.