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Updated over 3 years ago on . Most recent reply

User Stats

69
Posts
38
Votes
Amy Davidson
  • Investor
  • Clearwater, FL
38
Votes |
69
Posts

Lenders who will use an existing appraisal for washout refi

Amy Davidson
  • Investor
  • Clearwater, FL
Posted

I've just set up to do a cashout refi with a VERY well known hard money lending company, and suddenly they're pulling a bait and switch on the terms, etc.   I'm doing 7 properties which means I've fronted the bill for 7 appraisals, 7 surveys (!!!) and 7 sets of title work that my lawyer was doing, so about $1000 - 1200 out of pocket per property, and I don't want to do business with this lender.   

My lawyer says all the title work will be valid for about another 6 weeks if I want to switch lenders, but I'd like to avoid paying and waiting for appraisals again.   

Does anyone know of a lender that will use appraisals that they didn't order and pay for?    I know it's a long shot, but I'd appreciate any leads.   

Many thanks,

Amy

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