BRRRR - ReFi Cash Out

[Andrew Wilson]

Hi I just purchased a duplex from a wholesaler with cash and am redoing one side right now and I want to cash out refinance.  I am having trouble with someone who would do the deal with me, I have excellent credit, a good salary, just curious if anyone has a bank or credit union or work with.  My understanding is my max cashout refinance is 75% from a traditional bank.  Any suggestions would be great.  

[Andrew Postell]

Hmm, sorry about the format there.  To continue...

3. If you are still renovating the property a Fannie/Freddie loan will require all the renovation work to be completed before it can close.

4. I wrote a pretty lengthy article on some of these restrictions and how to properly structure the deal HERE

5. If you think a Fannie/Freddie loan is not the right loan for you to get right now then a smaller, local bank close to the property location might be the right solution.  I would post in that State Forum, here on Bigger Pockets, "Looking for bank near X city" and see if some locals might give some good advice.

I hope this wasn't too much information (and please forgive me on the formatting) but feel free to tag me with any questions.

Thanks!