Trouble finding a fixed rate cash out refinance

[Jacob Sawyer]

I'm having trouble finding a lender to do a 30 year fixed rate cash out refinance. The lenders I have talked to are only offering 15 year ARM loans right now they said due to Covid. What does that have to do with anything?

I'm currently about to wrap up the rehab on a BRRRR deal so I'm trying to find a lender to help with the cash out refi.

Does anyone know of any lenders licensed in Tennessee that can help me with this?

Thanks!

[Caroline Gerardo]

30 year fixed rate cash out non owner is available. The reasons why Covid is important is lenders are afraid you may have a tenant who stops paying because of job loss or illness and you cannot evict them as courts are closed/mandated state moratoriums on eviction or you as borrower ask for forbearance after closing... There are pricing adds for the cash out, and some lenders will require reserves and an agreement not to go into forbearance.