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Updated about 7 years ago on . Most recent reply

Adam Anderson's profile image
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Adam Anderson
  • Developer
  • from Palm Harbor, FL
  • Member since Aug 20, 2015
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Adam Anderson's profile image
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Adam Anderson
  • Developer
  • from Palm Harbor, FL
  • Member since Aug 20, 2015
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Adam Anderson
  • Developer
  • Palm Harbor, FL
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Creative Real Estate Financing

Cash Out Refi on Property # 6

Adam Anderson
  • Developer
  • Palm Harbor, FL
Posted

Can anyone point me in the right direction? I am renovating a SFR with a hard money loan and about $25k of my own cash. I would like to hold it as a rental if I can get my cash out for the next deal. Based on recent sales comps, I can cash out all of it at 75% LTV but cant find a lender who will do it since this is property # 6 for me.

Any recommendations?

Adam

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Jerry Padilla
  • #5 Classifieds Contributor
  • Lender
  • from Rochester, NY
  • Member since Mar 25, 2014
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Jerry Padilla's profile image
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Jerry Padilla
  • #5 Classifieds Contributor
  • Lender
  • from Rochester, NY
  • Member since Mar 25, 2014
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Jerry Padilla
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
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Jerry Padilla
#5 Classifieds Contributor
  • Lender
  • Rochester, NY
Replied

@Adam Anderson

You can now cash out on mortgaged property #6 at 6 months based on after repair value. Freddie Mac changed their guidelines recently. 

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