Any experience with Cash Out Refinance in New Jersey

[Gerald Boone]

What banks have you used in New Jersey (Mercer County) for a Cash Out Refinance? Does the bank require the property to be rented out for a certain amount of time?

I just bought the property in September without a mortgage.

[Jerry Padilla]

@Mei Jiang 

75% is available as long as you have owned the property for 12 months. 

@Daniel Green 80% LTV is available for purchase price, closing costs, documented renovations within a 6 month period.

Between 6 months and 12 months you would be subject to purchase price only, not renovation costs. 

 Do you have documented renovation costs?

This is just one program of many LLC programs that different lenders offer.