Full appraisal cash out refi

[Billy Maloney]

Can anyone recommend a lender that will do a cash out Refi based off the full appraised amount and not what I just paid for it.  Looking specifically in Jacksonville and Cleveland.  I understand most banks wont do this but I hear there are small places out there that will.  

[Chris Mason]

Hi @Billy Maloney,

If you wait six months, any lender will go off of current appraised value. Just don't ask the question as if it's a special thing; I think a lot of folks on this forum scare average lenders when they call and ask it like "oh hey I'm doing a BRRR and want to reclaim capital for redeployment based on ARV with a cap rate of 8 due to 1 door being a legacy tenant" etc.

Terms like BRRR, ARV, cap rate... not in the vocabulary of most residential lenders. Call and ask it like a typical consumer. "Hi can I remortgage my house to pay off credit card debt? Zillow says it's worth fifty bazillion dollars" - there, now you're saying something a typical LO is used to.