Cash Out Refi or DSCR in GA

[Jermaine Morgan]

Hey all… I'm a realtor and investor in GA. I've been flipping homes using my own cash for maybe the past three years. I closed my first deal using hard money today. I also buy foreclosed homes cash often. I want to leverage more and also looking to began keeping properties. All of my properties are under 75% LTV. Is it best to do cash out refi or DSCR? I've like to get out the deal asap as the lender fees build up quickly.

[Alex Bekeza]

@Jermaine Morgan In this rising interest rate environment it could be hazardous to wait 6 months. There are programs available to go 75% of new appraised value as early as 90 days. The process can be started as early as about day 45 in terms of knocking out title work, insurance coordination, entity review if applicable, and the appraisal with the goal being to fund around day 90 if possible. To clarify, these are DSCR loans which can be used for cash out.

I recently just bought a foreclosure myself in STL.  Closed for $85,000, $25,000 in budgeted repairs, and I plan to cash out based on a $160,000 value just a hair after the 90 day mark.