Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
9y
@Jay Leisten have you every done a "Delayed Financing" transaction before? Are you trying to get the cash out in the first 6 months of owning the home? If you are looking for a cash out loan with conventional money they have pretty strict rules on how much you can get a loan for during certain time periods. For example, since you purchased with cash you will be limited to receiving your purchase price + closing costs OR 75% of the LTV whichever is the lower amount but that is within the first 6 months of ownership. If you didn't buy with cash you would have zero option with a conventional loan for 6 months. After 6 months then you can use 75% of the After Repair Value. Feel free to Private Message me if you need. We have a branch in Louisville.
Real Estate Agent · Louisville, KY · Member since 2015 · 33 posts · 24 votes
9y
Hey Jay,
What type of cash-out refi? What type of collateral and loan-to-value are you looking for? Cash-flow look good? I'm former banker that used to approve deals and use several different places for my deals but each of them have different appetites right now. Let me know and I can make some suggestions.
Real Estate Agent · Louisville, KY · Member since 2015 · 33 posts · 24 votes
9y
Ok, River City does a lot of these deals reguarly. The manger out at J-town is good, Brian Gohmann (I think). If you want to try some other folks you could call David Krebs and Stockyards Bank or even try David Buchanan at Republic Bank. Good luck!
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
9y
@Jay Leisten have you every done a "Delayed Financing" transaction before? Are you trying to get the cash out in the first 6 months of owning the home? If you are looking for a cash out loan with conventional money they have pretty strict rules on how much you can get a loan for during certain time periods. For example, since you purchased with cash you will be limited to receiving your purchase price + closing costs OR 75% of the LTV whichever is the lower amount but that is within the first 6 months of ownership. If you didn't buy with cash you would have zero option with a conventional loan for 6 months. After 6 months then you can use 75% of the After Repair Value. Feel free to Private Message me if you need. We have a branch in Louisville.
There are a lot of no seasoning and no income verification products out there that you may want to consider for your cash out refinance. Being self employed, if you write off a bunch of mileage etc..., you could run into a debt ratio problem, particularly on deal two or three. Just a word to the wise.:)
Investor · Louisville, KY · Member since 2017 · 13 posts · 7 votes
9y
@ Jay Leisten Have you had any luck with the above suggestions? I am in nearly the exact situation as you describe. Buying a house in cash near the track for $53,000 looking to get around $1,000 rent, should appraise between $70-$80,000 and wanting to cash out refi within the first 6 months. Currently Envoy Mortgage is looking at my deal but they are being a little tentative.