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Updated 4 months ago on . Most recent reply

User Stats

100
Posts
49
Votes
Ram Gonzales
  • Investor
  • San Antonio, TX
49
Votes |
100
Posts

Need asset-based cash-out loan on free and clear property

Ram Gonzales
  • Investor
  • San Antonio, TX
Posted

I have a property in Austin that I acquired recently for cash. Value is $475K+. Looking for an asset-based lender for an interest-only loan of around $250K for up to 5 years. I'm leasing to a family member for minimal rent, certainly no where close to market, so I don't think it would work for DSCR. I plan to use the proceeds to purchase another property. Any ideas of lenders who could do this? 650 credit score.

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