At the risk of getting spammed to no end, what are some better banks to work with for NOO loans.
Background is I paid cash for a rehab. I’m going to fix it up then my plan is to hold the property for cash flow.
I’d like to get a mortgage to get out some of my equity. I want the loans to go to my c-corp. Obviously short/no title seasoning is preferable. Yeah, there are a lot of variable such as LTV and monthly income on the property but what banks are generally the best? It’ll be cash flow positive and I don’t need to take out 100% of the equity.
For a cash out refinance with no/little seasoning, you’ll need to work with a mortgage consultant who has access to these programs through wholesale lenders.
There’s quite a few pieces of information that need to be addressed first.
It is difficult to give you a recommendation without knowing more specifics pertaining the property and where it is located, your credit score/history, etc., but here is some general comments:
a. There are more then 50 lenders (consisting of hard money and conventional) offering more then 200 loan programs that allow for a rate and term refinance for NOO properties based upon less then 12 months title seasoning (using the appraised value) that allow for up to 100 CLTV. I am unaware of any retail banks that would provide this type of financing.
b. There are more then 50 lenders offering more then 300 loan programs that allow rate and term refinances for NOO properties based upon less then 12 months title seasoning (using purchase price) that allow for up to 100 CLTV. A majority of the lenders are wholesale only, but GMAC has a retail operation.
Marcu if you find a bank that works fast or even works at all quicker than a snail and does loans in new york then please let me know. I need one.
Thanks