Big Announcement - 30 Day Seasoning on Refinances

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Big Announcement - 30 Day Seasoning on Refinances

Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes

Why wait to cash out? Unlike most lenders who require 12 months seasoning We allow you to cash out on the 31st day of ownership at retail value. This is perfect for rehab to rent scenarios allowing the borrower to pay off hard money loans or unlock their equity to purchase additional investment properties.

Unlike many of our competitors, we don’t require income verification, tax returns or 4506 documentation. This keeps our process fast, simple and dependable. We do require:

  • Two forms of ID
  • Tri-merged credit report with at least two credit scores
  • Appropriate insurance
  • A title policy
  • Voided check and the down payment (for purchases)
  • Executed copy of lease (if property is occupied)
  • An electronic asset verification of last two months bank statements


Our investor loans are the fastest easiest way to purchase or refinance your
investment property - email me for more details
[email protected] or call any time 217.799.0156

47% of our loans are from repeat borrowers. Here's why buy-and-hold investors keep coming back

  • Long term 30-yr loans with no balloon payments
  • 30-Day ownership seasoning on refinances
  • No income qualification/DTI calculations
  • No tax return or 4506 requirements
  • No sourcing or seasoning of funds
  • No limit on number of loans
Www.muevoinvestments.com
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Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
8y
So I’ve done 22 cash out refis across three blanket loans with no seasoning, no points, no origination, 5-5.25% , and about $500 per refi for closing costs + appraisal fees. I guess it’s hard to compete with that. I am always looking for new relationships though.
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  • Lender · Dallas, TX · Member since 2015 · 71 posts · 48 votes
    8y

    Doran,

    This is very helpful.  We have many borrowers who want to cash out after using our product to purchase and renovate rental homes.  Where do you lend?  

  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    What interest rates and fees do you offer an experienced investor?
  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Jon S. 

    lend in 37 states and D.C.: AL, AR, CA**, CO, CT, FL, GA⊥, IA, IL, IN, KS, KY, LA, MA⊥, MD, ME, MI*, MO, MS, MT, NC, NH, NJ, NM, NY⊥, OH, OK, PA, SC, TN, TX, UT, VA⊥, WA, WI, WV and WY.

    @Mayer M. rates are between 6% to 8%. Min credit score of 640.

  • Real Estate Agent · Mount Nebo, WV · Member since 2017 · 174 posts · 68 votes
    8y
    Doran Summers This is great—love that you lend in WV. What percent LTV do you lend at for cash out refi?
  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    Any closing fees?
  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Timothy Doenges go up to 70% if it’s less than 1 yr. if the borrower owned the property for a yr we can go up to 75%.

    @Mayer M. closing fees are appraisal, originating fees between 2 to 4, underwriting fees $1,645, 

  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    Yikes 2-4 points is a lot
  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Mayer M. we could go to 0-1 origination fees but rates will be .5 to .75 higher.

  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    So I’ve done 22 cash out refis across three blanket loans with no seasoning, no points, no origination, 5-5.25% , and about $500 per refi for closing costs + appraisal fees. I guess it’s hard to compete with that. I am always looking for new relationships though.
  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Mayer M.thats very interesting. Is that a bank?

  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    Yes it’s a local bank in NJ they underwrite in-house and use in-house funds
  • Real Estate Broker · Bradenton, FL · Member since 2017 · 544 posts · 363 votes
    8y
    Doran Summers can you do blanket loans? And do you have a minimum home value or Loan size?
  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Mayer M. what’s the qualifications for the local bank?

    @Rob Drum blanket Loans is min of 3 properties. Min value is $60,000.

    However if you have less value or more properties than total 7 I work with another lender who can finance those types of deals.

  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    They want a relationship. Start off slow and once they have confidence and trust they will continue to lend. They require you to have cash in the bank, decent assets, Good debt income ratio, And the only lend in New Jersey and Philadelphia It’s not easy to get money from them but once you do anything in the relationship along with the above you should be good
  • Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
    8y
    They want a relationship. Start off slow and once they have confidence and trust they will continue to lend. They require you to have cash in the bank, decent assets, Good debt income ratio, And the only lend in New Jersey and Philadelphia It’s not easy to get money from them but once you do anything in the relationship along with the above you should be good
  • Kathy PinhoPro Member
    Investor · Perrineville, NJ · Member since 2015 · 13 posts · 0 votes
    8y

    I am also from NJ.  What bank are you referring to?  Would be very interested to speak with them.

  • Lender · Bethesda MD · Member since 2017 · 283 posts · 123 votes
    8y
    Originally posted by @Mayer M.:

    They want a relationship. Start off slow and once they have confidence and trust they will continue to lend.

    They require you to have cash in the bank, decent assets, Good debt income ratio, And the only lend in New Jersey and Philadelphia

    It’s not easy to get money from them but once you do anything in the relationship along with the above you should be good

    "Good debt income ratio." Different type of loan. Anytime someone starts calculating DTI, rates are dropped (but it is also that fewer people will qualify). You definitely have a winner though.

  • Philadelphia, PA · Member since 2012 · 104 posts · 8 votes
    8y

    I am also in south Jersey, and would appreciate the name of the bank, if you would be willing to share.

    Thank you,

    Amy

  • Montgomery, AL Investor · Member since 2018 · 171 posts · 56 votes
    8y

    So I recently purchased another SFR for $1 (6-3-2018 to be exact.) I'll have 1st & last months rent this Thor ($1,300.) Renter will sign a month-to-month agreement the following day: (7-13-2018.)

    According to our friends at Zillow the 3/1 appraises at $22k and Tax records agree weighing in at $20k 😂😐

    Do you have any connections that will look at Cashing Us Out in 31days? 

  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Charles M. it’s too small for us. 

  • Montgomery, AL Investor · Member since 2018 · 171 posts · 56 votes
    8y
    Originally posted by @Doran Summers:

    @Charles M. it’s too small for us. 

    I have 17 just like it

  • Lender · Chicago, IL · Member since 2015 · 608 posts · 70 votes
    8y

    @Charles M. you would have to held them for 12 months because they too small for the 31 day Refi program. The 31 days of ownership the value needs to be $60,000 each Property.

  • Montgomery, AL Investor · Member since 2018 · 171 posts · 56 votes
    8y
    Originally posted by @Doran Summers:

    @Charles M. you would have to held them for 12 months because they too small for the 31 day Refi program. The 31 days of ownership the value needs to be $60,000 each Property.

    Oh 👌 I see now. I'm a newbie so please forgive. 

    But, I think your offer is sound; And once we complete the new builds (3 cabins in one neighborhood) I'll reach out to you and write about the outcome in my next blog

    http://www.bestrealestateblog.com/nearly-1-3-milli...

  • Investor · Swedesboro, NJ · Member since 2009 · 24 posts · 9 votes
    8y
    Originally posted by @Mayer M.:

    They want a relationship. Start off slow and once they have confidence and trust they will continue to lend.

    They require you to have cash in the bank, decent assets, Good debt income ratio, And the only lend in New Jersey and Philadelphia

    It’s not easy to get money from them but once you do anything in the relationship along with the above you should be good

     I'm also in the Philadelphia area, what bank are you talking about if you don't mind

  • Rental Property Investor · Philadelphia, PA · Member since 2015 · 5 posts · 2 votes
    8y

    @Mayer M. Ghost Bank located in Invisible Town. Got it!

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