Cash Out Refinance in Chicago
Currently have a property under contract in the Portage Park neighborhood of Chicago. I am doing a Homestyle 203k rehab loan, leveraging my existing owner occupied 2 unit (HELOC), for the down payment on the 203K loan. This project will require a major rehab (around $200k rehab). I am looking into options for refinancing after the work has been completed. Was thinking of doing a "Cash out refinance" to pay back the 203k lender as well as the HELOC (combined total of around $428K, for a property with ARV around $525k)
Can anyone recommend a lender who offers competitive rates and LTV?
Are there typically any restrictions with doing a cash out refinance, ex: had to have owned or lived in the property for a specified amount of time?
Any help would be appreciated.
Thanks,
Alex