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Updated over 3 years ago, 05/19/2021
Michigan Cash-Out-Refinance Lenders
Hi! Can anyone direct me to investor friendly Michigan lenders who offer cash-out-refinances? I'm looking for SFHs in Muskegon and Lansing and am an out-of-state investor. I'm hoping for 75%-80% LTV and no seasoning period. So far I'm finding 6 month seasoning periods, which I will work with if necessary, but I'm hoping for no seasoning period so I can refinance within 2-3 months in order to acquire properties sooner. The HML I'm looking at requires 20%-30% down which will tie up quite a bit of money making it difficult to do more than one deal at a time or stagger purchases, so I'd like to be able to pull cash out of the deal sooner in order to move on to the next deal. One lender offered no seasoning period, but 60%-65% LTV which pretty much kills every potential deal. Thanks!