Cash Out Refinance Process

[Joseph A.]

Hello everyone, I have a property I'm currently rehabbing and would like to do a cash out refi. It's about two weeks left in the project. I want to know generally how long does the refinance take to get done. Should I start now, wait until the project is done, or wait until I have it rented. Thanks for any information you can provide.

[Dan Gamache]

@Joseph A. at 90 days of ownership you can go as high as 75%LTV of new appraised value, at 6 months you can go as high as 80%LTV. Process usually takes 30 days. As far as rent goes, if property is vacant we would use 90% of market rent to qualify.

Now this is with a Private Lender, so rate & fees are generally higher than conventional financing, but underwriting guidelines are more lenient, as we don’t require personal income documents but loan is based off cash flow of Property.