What type of multi-family loan should I apply for?

[Jeffrey Blackman]

I own a 6-unit building free and clear. I bought and did a gut rehab about 10 years ago. I want to take cash out to make minor repairs and consolidate debt in advance of selling the property before end of year. Would this be a bridge loan, fix and flip, or some other animal?

[Devin Peterson]

The beautiful animal you are looking for is a DSCR cash-out refinance. Utilizing this type of financing will enable you to utilize the current income of the property to qualify. No personal income, taxes, employment, etc. necessary. Self-sufficient asset-based program. Cash-out up to between 70-75% of the current value of the property. I would recommend shopping with a well-versed investor-focused broker to get the best terms and options out there.