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Updated almost 5 years ago on . Most recent reply
![Timothy Borg's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1243721/1632919887-avatar-timothyb109.jpg?twic=v1/output=image/crop=2448x2448@0x606/cover=128x128&v=2)
How to Refi and Wrap Mortgage???
I need to figure out how to do a cash out refi on a property with a wrap mortgage. A wholesaler brought me a really good deal. I can just take over the payments and do some repairs and I will have tons of equity. I plan to hold this as a long-term rental. The problem is that the mortgage is at almost 8%!! I don't want to keep that mortgage. I really like that I can basically get into this property with nothing down but the wholesaler's fee. My plan is the BRRR this property.
What are your thoughts??
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![Charity Skore's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/466598/1696888429-avatar-charitys1.jpg?twic=v1/output=image/cover=128x128&v=2)
@Timothy Borg
If you are going to do a refi you will need the prior seller to provide an authorization to order payoff for most lenders, or at lease provide a social security number, depending on lender. Message me for details and I can walk you and or your lender through it.