Re-Fi options : Hard Money to Re-Fi Cash out

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Re-Fi options : Hard Money to Re-Fi Cash out

Amarnath P.
Rental Property Investor · cummings, GA · Member since 2020 · 6 posts · 3 votes

Closed 2 Duplex Home properties in Austin, Texas as part of LLC (3 Partners) April last week.

Property#1 $425K : All cash

Property#2 $525K : 25% cash downpayment, 75% Hard money loan

Looking for conventional re-finance and cash-out options, HELOC or other loan options.

Any suggestions on which avenues are best to lower loan costs and any contacts that are worth talking to?

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Stephen Stokes
Rental Property Investor · Austin, TX · Member since 2016 · 317 posts · 257 votes
5y

@Amarnath Pallampati check out Barton creek lending and better.com for conventional and Sonora bank for a portfolio loan.


I have yet to find anyone ever willing to do HELOC on investment property but if you do find one please send me the info.

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  • Stephen Stokes
    Rental Property Investor · Austin, TX · Member since 2016 · 317 posts · 257 votes
    5y

    @Amarnath Pallampati check out Barton creek lending and better.com for conventional and Sonora bank for a portfolio loan.


    I have yet to find anyone ever willing to do HELOC on investment property but if you do find one please send me the info.

    1Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    5y
    Originally posted by @Amarnath P.:

    Closed 2 Duplex Home properties in Austin, Texas as part of LLC (3 Partners) April last week.

    Property#1 $425K : All cash

    Property#2 $525K : 25% cash downpayment, 75% Hard money loan

    Looking for conventional re-finance and cash-out options, HELOC or other loan options.

    Any suggestions on which avenues are best to lower loan costs and any contacts that are worth talking to?

    Delayed financing for the first will pay you back your purchase price. For the second property, waiting for 6 months would be a good idea and use conventional financing unless you have it in an LLC. If that's the case, go with a DSCR loan. Plenty of those brokers here on BP.

    Congratulations you your success

    Stephanie

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  • Amarnath P.
    OP
    Rental Property Investor · cummings, GA · Member since 2020 · 6 posts · 3 votes
    5y

    Thanks @Stephen stokes for sharing insights. Will check better.com and is there is a contact to Barton creek lending or sonora bank.

    THanks @Stephanie P.  Would like to touch base over the email or phone to discuss options further

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  • Amarnath P.
    OP
    Rental Property Investor · cummings, GA · Member since 2020 · 6 posts · 3 votes
    5y

    @srikanthkasa   

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  • Srikanth Kasa
    Real Estate Professional · Milpitas, CA · Member since 2013 · 40 posts · 2 votes
    5y

    PenFed gives HELOC for Investment Properties. No seasoning requirements. Have to be on personal name and Only requirement is Max 2 investments Only

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