Refinancing investment property

Financing, Hard Money Lenders, Private Money
1

I currently have 4 properties I’d like to cashout refinance

700 credit score
documented $60k year income

Who are some good lenders to send a package to?
Is 90% the highest LTV available?

2

It’s hard to call which lender would be the best. A lot of unanswered question.

There are many lenders a broker can use and most of them offer the same programs. A handful will even allow 100% financing for 1-4 units. However the guidelines may be slightly different at each. Some of the key points lenders will consider are listed below.

  1. How many properties are currently financed, total $ volume currently financed?
  2. How many properties have been purchased in the past 6 months; in the past 24 months?
  3. Does the borrower have landlord experience?
  4. Will the subject property have a negative cash flow?
  5. If the borrower doesn’t show enough income he may need to go stated, no ratio, or no doc
  6. Usually a borrower will need 6 months of reserves. (6 months of principal/interest/taxes/insurance) If multiple properties are being financed, reserves for all may be required. This could also apply for properties purchased in the past 6 months. If funds are not available the borrower may need to go stated or no doc.
  7. Will the client need cash out refinances with no title seasoning?

Certain lenders will need to be used first as their property restrictions will prevent financing.

3

Where are you, Ike…some lenders don’t lend everywhere…

Keith

4

Ike,

It really depends on what state you are in. The CLTV can range alot depending on what state you are in? Are all 4 investment properties? You looking for the max cash out? and what kind of loan programs are you looking for? Am I allowed to email you? Have a great rest of the weekend.

Patrick

5

Ike,
90% will have the best rates. You might be able to do an 80/20 cash out as long as you have 12 month seasoning.
What state are you in???

6

Ike,

There are lenders that can get you 100% cash out with no title seasoning depending on your credit and other qualifying factors.

Obviously the higher the ltv, the higher the rates. But you’d be supprised what small of difference there is.

7

Hey Ike. Charter Funding has some great programs for 100% investment properties. If you would like some specifics shoot me an email.

8

There are numerous lenders that will do 100% investment properties, depending on the parameters.

You should not have any problems finding a lender.

9

What state are you in?

Cindy Flores ::slight_smile: