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
Reviews & Feedback
Updated almost 4 years ago,
Need Help with Creative Financing on a Cash Out Refinance!!
Hi everyone! Any help with this cash out refinance scenario would be much appreciated.
I’m currently on the back end of a rehab on a property and I’m looking to see if there are any creative ways I can cash out refinance to hold onto this property vs. selling/flipping as it’s in a great up and coming area.
Details are as follows:
- ARV: $515k
- Loan Payback: $276k
- Estimated Monthly Rent (via short term rent): $3k
- Looking for at least 80% Loan to Cost
- ~700 credit score
- In the Columbus, Ohio market
Here’s where it gets tricky...
- The property is under my LLC
- I do not currently have W2 income or 2 years of self employment income verification (rehabbing houses full time)
- I would like to keep the property under my LLC if possible, worst case in my personal name
Thanks everyone and please let me know if I need to provide any more info for suggestions.