Looking for a cash out Refi on Free and Clear Rental

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Looking for a cash out Refi on Free and Clear Rental

Chris Wolfe
Member since 2018 · 44 posts · 47 votes

My wife owns one rental property in her name only - Its currently rented for $1750, is valued at $425k. We're looking to do a cash out refi (60% LTV - ~$250k). Her credit is around 660-670 range. She does not work (Mom, so works a lot lol). I own a lot of rental property but am not on the title of this one and do not intend to be. Any NQM Lenders that can offer good rate/terms for this deal on a 30 year fixed? The money will be used to purchase another rental free and clear.

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Pablo Espin
Rental Property Investor · Fayetteville, NC · Member since 2020 · 27 posts · 10 votes
4y

@Chris Wolfe I'm looking for the same. I heard of ion lending but not sure of any others. Let me know if you come up with any other options.

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  • Pablo Espin
    Rental Property Investor · Fayetteville, NC · Member since 2020 · 27 posts · 10 votes
    4y

    @Chris Wolfe I'm looking for the same. I heard of ion lending but not sure of any others. Let me know if you come up with any other options.

    1Reply
  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    4y

    @Chris Wolfe @Pablo Espin  There are programs that can take care of that with good terms.  Chris and Pablo would you mind sending me an email so I can get the full scenario and go over options.

    [email protected]727-637-4289
    0Reply
  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    4y

    @Chris Wolfe and @Pablo Espin

    You need a DSCR loan. 60LTV will help give you a reasonable rate, but the lower FICO will raise it up a bit. A really quick input without knowing too much would yield around 4.750% rate borrower paid at par.

    Cheers!

    [email protected]
    Belsky Mortgage, LLC527 Reviews
    WebsiteView Page
    0Reply
  • Jessica Tsao
    Lender · CA · Member since 2019 · 82 posts · 46 votes
    4y

    @Chris Wolfe

    I just did a DSCR loan @ 60%ltv and 4.25% rate with .50 pts orig. in a LLC with no income verification. All they look at is the income from the property. That's the lowest I have seen out there personally. It can close 7-10 days after appraisal for fast cash. Hope that helps.

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  • Gaudys Rivas
    MIAMI LAKES, FL · Member since 2014 · 41 posts · 18 votes
    4y

    @Jessica Tsao would you share the name of the lender please ? thanks 

    0Reply
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