Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

23
Posts
9
Votes
Anatole Doak
  • New York, NY
9
Votes |
23
Posts

Cash Out Refinance in Philadelphia

Anatole Doak
  • New York, NY
Posted

I've been emailing and calling different lenders in the greater Philly region to cash out refinance on a property I own free and clear under an LLC. I was told by one lender that I need to provide what I'll use the funds for which I thought was strange... when I said to purchase another asset, she told me that I'd need the agreement of sale in hand for them to cash out refinance, but when buying from wholesalers in cash who need proof of funds this presents a problem.

I feel like this isn't typical, but maybe with COVID19 there are new restrictions? Has anyone else ran into this?  Or if you can recommend a lender in the greater Philly area who has good terms on a cash-out refi can you DM me? 

Loading replies...