All Forum Posts by: Freddy Morgan

Thanks for the information and input @Benjamin Seibert, @Elise Marquette and @Alex Bekeza!!! 

I will say that a couple of the small local banks I've spoken to at this point are willing to do a price paid for the home + verifiable rehab cost @ 85% loan. However, they will not do an appraised value loan until 180 days after purchase. Offering 4-4.5% on a 5+1 ARM 20 yr Amortization.

My preference would be to find a reputable lender to do a cash-out 30-year loan based on the value calculated by an independent appraiser. That way, I can put the difference into my next investment property at a COC ROI significantly better than sitting in equity on the initial property.

I keep looking for a direct option. 

Thanks again! 

Over the last few days, a couple of local banks told me they "are not currently offering cash-out refinancing on investment properties due to Covid impact concerns". Have any of you heard anything similar?

Very new to rental property investing so I'm hoping this is an isolated local/small bank issue. 

Thanks in advance for your help!