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Updated over 2 years ago, 08/15/2022
Refi cash out non owner property
Question to you all.
I have two single family non owner that I want to refi and do a cash out both are cash flowing one big bank said they do not really do rental property funding the other wants to know what I'm doing with the money, never heard this before in any event I owe between the two 120K comps are around 280K combined they are tied together now because when I bought them they used one for collateral and now I want to have them stand on there own with separate mortgages, I'm in Ohio can anyone help this situation.
Alan
Hi Alan,
I am also in Ohio. How long have you owned the properties? Happy to discuss how to make this work if you’d like.
- Brittany Minocchi
- [email protected]
- 330-354-6590
over 10 years as like I said there tied together so I want to refi cash out and separate them so they stand on there own, both cash flow as well, does this sound like something that can work on your end.
Alan
Alan, I would recommend going to a lender for a DSCR loan. In this scenario, you would not need to prove what you are doing with the money and these types of loans are great for properties that cash flow.
DSCR ? please explain if you would and who would be a good fit for this.
Alan
Quote from @Brittany Minocchi:
Hi Alan,
I am also in Ohio. How long have you owned the properties? Happy to discuss how to make this work if you’d like.
Brittany,
Could I get your contact info.
Quote from @Alan Siciliano:
Quote from @Brittany Minocchi:
Hi Alan,
I am also in Ohio. How long have you owned the properties? Happy to discuss how to make this work if you’d like.
Brittany,
Could I get your contact info.
- Brittany Minocchi
- [email protected]
- 330-354-6590
@Alan Siciliano DSCR stands for debt service coverage ratio. Instead of using personal income DTI to underwrite the loan, you look at the revenue the property generates to the debt it will service (PITI).
Quote from @Alan Siciliano:
Question to you all.
I have two single family non owner that I want to refi and do a cash out both are cash flowing one big bank said they do not really do rental property funding the other wants to know what I'm doing with the money, never heard this before in any event I owe between the two 120K comps are around 280K combined they are tied together now because when I bought them they used one for collateral and now I want to have them stand on there own with separate mortgages, I'm in Ohio can anyone help this situation.
Alan
I would keep calling as many lenders as you can. The more you call then the more options you have. If you want to send me your email and I can send you a list of lenders we use here.
you can do a cash out individually with a bank or a DSCR lender.. each want to know what your doing with the cash out because its a business purpose loan. so the answer should investing in real estate....
- Eric Goldman
- 484-574-4878
@Alan Siciliano
Just keep reaching out to lenders till you get one that is willing to lend on it. If you need a list of lenders in Ohio reach out I can send it over.
- Patrick Drury
- [email protected]
- (614) 412-4565
Quote from @Patrick Drury:
@Alan Siciliano
Just keep reaching out to lenders till you get one that is willing to lend on it. If you need a list of lenders in Ohio reach out I can send it over.
Hi Patrick,
Saw this post of yours. I've been looking for lenders in Ohio, however, I haven't receive anything from those who I sent message to. Can I also ask for some information of where I can find lenders?
Hope to hear from you.
Thanks a lot.
Quote from @Princess Vista:
Quote from @Patrick Drury:
@Alan Siciliano
Just keep reaching out to lenders till you get one that is willing to lend on it. If you need a list of lenders in Ohio reach out I can send it over.
Hi Patrick,
Saw this post of yours. I've been looking for lenders in Ohio, however, I haven't receive anything from those who I sent message to. Can I also ask for some information of where I can find lenders?
Hope to hear from you.
Thanks a lot.
I’m a lender and also an investor in Ohio, happy to help if you’d like to send me a message.
- Brittany Minocchi
- [email protected]
- 330-354-6590
Hey Alan,
I'm a lender here in Ohio and specialize in working with investors like yourself. Why don't we find a time where we can talk so I can better understand your unique situation.
From the jump, refinancing into a DSCR sounds like it would make the most sense since you would be qualified based of the rental income and your credit.
Looking forward to connecting with you.