Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated over 4 years ago on . Most recent reply

Cash Out Refinance in Philadelphia
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?