Hello BP Nation,
My partner and I recently closed on a hard money loan to acquire additional properties, and are now working on the exit strategy. We have been purchasing properties since 8/13 and now own 23 units (16 fully rented). We will be using the hard money to rehab 7 units (3 properties). The properties were originally purchased with cash, but will now have a lien on them due to the hard money loan.
Being completely new to the cash-out refi process, I have the following questions:
1) Are banks requesting documentation such as: Rehab documentation (GC docs, permits, etc)?
2) Have you utilized a presentation when approaching Banks about a cash-out refi? If so, what type of information are you presenting?
3) What are typical seasoning requirements?
4) Average credit score requirements?
5 ) Avg LTV %?
6) Roadblocks when showing lien on property due to hard money loan?
Any other tips and suggestions would much appreciated!
Thanks in advance!
Ken
