Cash Out Refinance on Investment Property

[Wsam Taiym]

Hello!

I have a non-owner occupied investment property in Lansing, IL and am looking to do a cash out refinance on this property. Two lenders have indicated that they are not doing this due to Covid. I would really like to take advantage of the low rates and use the funds to add to my portfolio. Is there anyone here that can help or guide me in the right direction.

Thank you in advance!

-Wsam

[Zack Karp]

@Patrice Boenzi that's interesting, I am seeing the opposite.  With higher sales comps, appraisals have been coming in higher than expected.  Turn times are longer than usual, but usually a happy ending and worth the wait.

And if a lender is retracting on what they promised, I would run.  Either your LO is incompetent, or the lender is pulling a bait and switch, either way that's not cool.  Hopefully that's not one of your preferred lenders...