Cash out Refi for Investment Property

[Heath Shepard]

Hi there everyone!

I am having such a hard time getting my money out of a house that I paid cash for. I looked at getting a HELOC but apparently, I can if it's not my primary residence. I can't seem to find a bank that will do a cash out refi because it's an investment property. Do y'all know if any banks that would be able to help me? Preferable one that has great rates!

Thanks, 

[Sabrina Sanchez]

Hi Phyllis,

How many banks have you tried? I would keep trying more banks especially the small ones, local ones and credit unions. Sometimes you'll find a special loan types at those types of banks. Also see if you can start building relationships with them before you try and get something from them. You'll be surprised what they'd be willing to do once a relationship is established. 

[Heath Shepard]

Hey Sabrina! Thanks I will do that.   I have a bit but have only been able to get a 15 year variable so far.  Not great...

Quote from @Sabrina Sanchez:

Hi Phyllis,

How many banks have you tried? I would keep trying more banks especially the small ones, local ones and credit unions. Sometimes you'll find a special loan types at those types of banks. Also see if you can start building relationships with them before you try and get something from them. You'll be surprised what they'd be willing to do once a relationship is established. 

[Sabrina Sanchez]

For sure, let me know how it goes. I might need it one day! 

p.s. Sorry I just realized I called you your company's name lol

[Heath Shepard]

Not a problem! Thanks again.

Quote from @Sabrina Sanchez:

For sure, let me know how it goes. I might need it one day! 

p.s. Sorry I just realized I called you your company's name lol

[Deitra Jones]

Try TD Bank. I was looking too for HELOC on my investment property and found them. The only thing, you can only have up to 4 mortgages in your name. I have 3 rentals, my primary and a HELOC on my primary. So they counted that as 5.

[Heath Shepard]

Quote from @Deitra Jones:

Try TD Bank. I was looking too for HELOC on my investment property and found them. The only thing, you can only have up to 4 mortgages in your name. I have 3 rentals, my primary and a HELOC on my primary. So they counted that as 5.

Deitra! Thanks for the resource!  I will give them a call.  Thanks again!

[Kaci Hunter]

How long have you owned the investment property and what type of property is it?

[Heath Shepard]

Quote from @Kaci Hunter:

How long have you owned the investment property and what type of property is it?

 Hi Kaci! I've owned it for three years and it's an SFD. 

[Dave Skow]

@Heath Shepard- you ar eright  in that  getting a heloc on a  rental is  difficult  .... there are many lenders  that  should be able to assist with a cash out  rental refinance ...where is the property located  ?    

[Heath Shepard]

Hey there Dave! It's located in Boerne Texas.

Thanks,

Quote from @Dave Skow:

@Heath Shepard- you ar eright  in that  getting a heloc on a  rental is  difficult  .... there are many lenders  that  should be able to assist with a cash out  rental refinance ...where is the property located  ?    

[Dave Skow]

@Heath Shepard- would you like a  referal to a  colleague in TX  that should be able to assist?  email me  with your contact points if you do 

[Eliott Elias]

How long have you owned it? You can use a DSCR cash out refi which takes 30 days, or use a hard money option that can close you the next day to pull the equity out.

[Erik Estrada]

Quote from @Heath Shepard:

Hi there everyone!

I am having such a hard time getting my money out of a house that I paid cash for. I looked at getting a HELOC but apparently, I can if it's not my primary residence. I can't seem to find a bank that will do a cash out refi because it's an investment property. Do y'all know if any banks that would be able to help me? Preferable one that has great rates!

Thanks, 

 Hey Heath! 

I am seeing 5/1 ARMs for DSCR loans in the mid 6% range and 30 year fixed options as low as 7.5%. Best of all no DTI is required for this loan if you are planning to do a cash out refinance.

[Devin Ryan]

Hi Heath, 

Are you only looking to do a HELOC, or have you also explored doing a cash-out refinance to pull some of the equity out? This is certainly an option on the investment properties, although generally you're only able to go to a 75% LTV when it's not your primary residence.