Cash-out Refi Process

[Ken Bernstein]

Hello BP Nation,

My partner and I recently closed on a hard money loan to acquire additional properties, and are now working on the exit strategy. We have been purchasing properties since 8/13 and now own 23 units (16 fully rented). We will be using the hard money to rehab 7 units (3 properties). The properties were originally purchased with cash, but will now have a lien on them due to the hard money loan.

Being completely new to the cash-out refi process, I have the following questions:

1) Are banks requesting documentation such as: Rehab documentation (GC docs, permits, etc)?

2) Have you utilized a presentation when approaching Banks about a cash-out refi? If so, what type of information are you presenting?

3) What are typical seasoning requirements?

4) Average credit score requirements?

5 ) Avg LTV %?

6) Roadblocks when showing lien on property due to hard money loan?

Any other tips and suggestions would much appreciated!

Thanks in advance!

Ken