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Updated about 1 year ago on . Most recent reply

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Nathan Hurley
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DSCR or Private Loan for Cash out Refi

Nathan Hurley
Posted

I am planning to convert my primary residence to a three unit rental property where I’ll rent one of the units.

I have a tiny home at the back of my lot and an apartment attached to my house. 

owe $94k on my mortgage. Property appraised for $140k last year. Looking to refi based on the value after rehab based on rental income/cashflow (expecting it to be around $200-210k value) 

Aiming for $150k loan for paying off current mortgage and covering remodel/rehab costs on my property


Is this doable without a significant down payment? I have a 700 credit score also curious how funding works if approved. 

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