Looking for a Lender to Handle Cashout Refinance

[Ryan Leach]

Hello! I am doing some early research but looking for a lender that can do an 80% cash out refinance. Does anyone have any references?

[Brandon Croucier]

80% Cash Outs are definitely possible, however it is a much more costly product.

I would recommend looking at 75% LTV as your rate and closing costs will be significantly lower.

[Jake Baker]

@Ryan Leach

I agree with @Brandon Croucier that 80LTV is much more costly. I recently explored that option on two refinances. I stuck with 75LTV to allow for a prepayment penalty to decrease the rate so I could see more cash flow. 

I am assuming this is for a BRRRR. Be sure to confirm the lender's terms, as some may have specific requirements for cash-out refinances on non-owner-occupied properties.

[Ko Kashiwagi]

Hi Ryan,

Which state is this in? Recently done this for a client but rates tick up quite a bit and the property still has to debt cover.

[Devin Peterson]

Quote from @Ryan Leach:

Hello! I am doing some early research but looking for a lender that can do an 80% cash out refinance. Does anyone have any references?

80% is achievable, but there is a very fine line and a larger list of checkboxes to hit in order to achieve this. Generally, you won't see as much cash flow as where these 80ltv cash out rates are. 75% LTV is much more common and will give you the most options are far as competitive terms go.

[Nate Herndon]

Hey @Ryan Leach! Great question to start looking into early. As @Brandon Croucierand @Jake Baker have mentioned before me, the 80% LTV will be at a higher rate. To give you an idea, here's an example of where a couple of programs would be at that I use regularly for clients.