Investor · Mansfield, TX · Member since 2019 · 36 posts · 20 votes
Searching for private/hard money lending options for a Beach House AirBnB deal in Galveston, TX. Wanting to pull as much equity back out of deal while I await to refi again when rates drop.
@Devin Fakner 80-85% will be a bit tough to execute since most lenders have tightened up on cash-out refinances. 75% is the standard across the board, especially from a DSCR standpoint
Your best bet may be a local bank/credit union that may allow you to pull out most of your cash in the deal. Feel free to PM me
Searching for private/hard money lending options for a Beach House AirBnB deal in Galveston, TX. Wanting to pull as much equity back out of deal while I await to refi again when rates drop.
- Purchase Price: $890k
- Purchase Date: 10/14/2022
- Amount Financed: $667k
- Rehab Cost: $125k
- Est. ARV: $1.1mil
- Rehab Completion Date: 3/10/2023
- Desired LTV: 80-85%
Unfortunately, most DSCR lenders tightened up their underwriting guidelines for refinances of short term rentals and they're requiring 12 months of rental data to use the short term income. If the property's rents don't work based on long term numbers and I'll assume the property won't rent conventionally for the monthly payment a 1.1M ARV will give (I'm guessing around 6500 per month), then you will probably have to wait until this October to refinance.
Searching for private/hard money lending options for a Beach House AirBnB deal in Galveston, TX. Wanting to pull as much equity back out of deal while I await to refi again when rates drop.
- Purchase Price: $890k
- Purchase Date: 10/14/2022
- Amount Financed: $667k
- Rehab Cost: $125k
- Est. ARV: $1.1mil
- Rehab Completion Date: 3/10/2023
- Desired LTV: 80-85%
Hey Devin, that would be tough to do a cash out refinances at 80-85% it would range usually between 70-75% of the ARV. Let me know if have any questions and I am more than willing to discuss the situation more in depth just send me a direct message.