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Updated 12 months ago,
Any Lenders Able to Do A Cash-Out Refi on Leasehold Land
The property is paid for free and clear but subject to ground rent that has been approved to be redeemed. I can't redeem, pay the fee for the land, the ground rent until March 1st of 2024. I have wasted the last six months trying to refinance this property missing out on deals because no one can deliver. I would like to see what my options are and hope to close something in the next 45 days or less.
Property Value- $170K Free & Clear Clean Title. Most recent appraisal was done early October.
GR Lease Deed- February 1957
Current rents- $2100 on a one-year lease, meets DSCR requirements.
The land is leasehold not fee simple, not until March.
I have all documents necessary to get this ball rolling.