Lender in CA for multifamily and Non Warrantable condo cash out

[Sameer Jain]

Hey I have 2 condo with great positive cash flow in bay area . Both condo are non warrantable . I am looking to cash out from these condo atleast 80% of the value . I want to reinvest the money to expand my portfolio by buying some multifamily properties. Can you suggest any lender who can help with this in california.

[Jo-Ann Lapin]

We offer non warrantable condos loans. Are the hoa’s in good standing?

[Upen Patel]

Hey! @Sameer Jain I can do a 30 yr fixed Non-warrantable  condo loan. What is the outstanding loan amount? How much is the condo worth?

Do you know the reason behind it being non-warrantable? Is it high investor ratio or something else?

[Sameer Jain]

Hey thanks for responding, yes HOA are in good standing . Higher investor ratio is the reason they are non warrantable at this point. One is worth around $370 k and other at $275 K. Do you also do multi family loans ? What are average rates on these kind of cash out?

[Brian B. Simmons]

Hi Sameer,

Ask a Lender can help you find a lender to cash out these properties. Using our refinance cash-out lender search, enter your loan scenario and be sure to select "Condo" under Property Type and "Non-Warrantable" under Condo Type in the advanced search menu.

www.askalender.com/find/refinance-mortgage-lenders

I hope this is helpful - please let me know if you have any questions regarding the lender searches.

Brian

[Upen Patel]

Originally posted by @Sameer Jain:

Hey thanks for responding, yes HOA are in good standing . Higher investor ratio is the reason they are non warrantable at this point. One is worth around $370 k and other at $275 K. Do you also do multi family loans ? What are average rates on these kind of cash out?

Hey! Sameer. Yes I do multi family loans as well. Both residential 1-4 unit and commercial 5+ unit. Please call me if you are interested in discussion further.

[Simmy Ahluwalia]

Hey @Sameer Jain - we can fund against NW Condos; however 80% is hard to get, and if so, reserved for the purchase side. You're probably looking at 70% LTV on the cash/out. Happy to quote you though: [email protected]

[Curtis Harvey]

@Jo-Ann Lapin and @Upen Patel  Do you have 90% Helocs or Refi programs.  I am trying to move money into a Multifamily Apartment from a home I have.  if you do, please PM me.