Myrtle beach in contract cash want to get $ out after lease ?

Member since 2020 · 18 posts · 5 votes

Hi everyone, purchasing with cash and want to finance after I have a signed lease ( long term rental). Have not used BP forms, anything I should be concerned about? Any specific lender recommendations?

Thanks for any input.

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Myrtle Mike ThompsonBusiness Member

Realtor · Myrtle Beach, SC · Member since 2016 · 350 posts · 204 votes

Hi Karl, I work with several lenders in Myrtle Beach that I could put you in touch with. I went through this exact same process last year with a LTR purchase. Shouldn't be an issue unless it's a condo and you're looking to do Conventional financing. Those are becoming a lot trickier with the new condo questionnaire guidelines that were just introduced.

[email protected]843-999-2301

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Jeffrey Albaum
Investor · Austin TX · Member since 2018 · 151 posts · 165 votes
4y
Hi Karl - super exciting about your deal! I would reach out to a lender (s) prior to closing the cash transaction and let them know your gameplan - that way they can tell you whatever their requirements are (seasoning, DSCR, etc.) prior to going through with the transaction!
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Myrtle Mike ThompsonBusiness Member
Realtor · Myrtle Beach, SC · Member since 2016 · 350 posts · 204 votes
4y
Hi Karl, I work with several lenders in Myrtle Beach that I could put you in touch with. I went through this exact same process last year with a LTR purchase. Shouldn't be an issue unless it's a condo and you're looking to do Conventional financing. Those are becoming a lot trickier with the new condo questionnaire guidelines that were just introduced.
[email protected]843-999-2301
Myrtle Mike Real Estate580 Reviews
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Karl BrennerPro Member
OP
Member since 2020 · 18 posts · 5 votes
4y
Thanks Mike, and yes it is a condo. Do you have anyone that you could suggest?

Thanks so much for your help.
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Karl BrennerPro Member
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Member since 2020 · 18 posts · 5 votes
4y
Thanks Jeffrey, I will start working it now.

Thanks so so much for your input.
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Myrtle Mike ThompsonBusiness Member
Realtor · Myrtle Beach, SC · Member since 2016 · 350 posts · 204 votes
4y
Quote from @Karl Brenner:
Thanks Mike, and yes it is a condo. Do you have anyone that you could suggest?

Thanks so much for your help.

Sending you a private message
[email protected]843-999-2301
Myrtle Mike Real Estate580 Reviews
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Chris Rosenberg
Rental Property Investor · Myrtle Beach, SC · Member since 2013 · 208 posts · 61 votes
4y
@Karl Brenner Hey Karl. It sounds like you are just doing delayed financing. I'm guessing you want to wait for a lease to get signed bc you are qualifying for the loan based on DSCR, not personal income. Most non conforming lenders will allow around 75-80% delayed financing. For cash out refi most require a 6 month seasoning period, although some banks are more lenient and only require 3 months. You probably need 6 months of reserves and a decent credit score. If you need any recommendations feel free to PM me.
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Karl BrennerPro Member
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Member since 2020 · 18 posts · 5 votes
4y
Chris,
Yes, that is exactly what I’m looking to do. I have the reserves and credit score, would not show the income.
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