All Forum Posts by: Nasir El Ameer

@Jaime Villegas

Awesome deal you got their.

Yes you can refinance and cashout on a home without a mortgage.

You can get up to 80% LTV in some cases depending on the income of the property.

Or likely 75% LTV.

If you go to a bank or local credit union they may be able to help but you will have qualify with tax returns and they may be a big hassle on how you use the cashout. Plus they like to see you own the property for over a year.

The next option is an alternative option that will do a cashout with no seasoning and they dont require tax returns either.

Rates will vary based on loan type, loan term, and LTV.

But you can do a 30 yr fixed loan, interest only loan, and or hybrid arm loans that are fixed for 5-7 years without a balloon payment.

The biggest benefit with the alternative source is the ability to cash-out without any restrictions and customize your loan.

@Sean Laird

Banks will usually have a seasoning requirement to do a cahsout refi based on the new value after rehab.

Seasoning requirement is usually one year of ownership.

If you work with an alternative source you can get a cashout refi after 30 days of ownership based on the new value after rehab.

Banks will take longer to do the deal may offer a low rate but not the best terms.

Alternative source offer more flexible loans and rates vary based on loan type, ltv, dscr, credit, but they dont require tax returns.

@Benjamin Kaufman

As far as loopnet goes their are deals to be made. But you have to know your numbers.

As far as loan options their are multiple options depending on your deal:

80%LTV for purchase

30 YR Fixed Loans or Arm Loans

Interest Only Loans

And 100% LTV with a seller carry back

@Johnathan Cody

Working with Banks as an investor for purchases and cashouts can be a hassle.

The next best option is an alternative financing source.

Hard money rates and terms usually 8-12% on rate with a one year loan term. This would be ideal for a fix and flip scenario.

If your looking to purchase rentals you can do bridge purchase loan at 80% LTV.

Or a 100% LTV loan with seller financing.

The other option is to cashout refi your current equity and use that for purchases.

Also, the alternative source does not look at debt to income like traditional lenders would and they offer better overall loan terms than a bank.

The only way they can be in a second position is with a 100% CLTV loan.

Banks don't do these loans. 

The problem is their potential tax bill due to not having something else to invest in.  

I have a source who can solve both problems. 

@Myles Daniel

This deal can get done even without the tenants just need to know the value and dollar amount you are looking for in equity.

@Donald Torrence

This can be done. 

PM me. 

Awesome

@Kerry Baird

Thanks for checking out the post.

@Joshua Davies

Your next best option may be a non bank lender that is an alternative lender that offers 30yr fixed commercial loans for purchase. They can go up to 80% LTV as well.