Lending standards have tightened and your credit score may be an issue.

Lending standards are tightening, especially among the big banks.

The banks are tightening up how much they will allow to be cashed out and also underwriting with larger vacancy expectations, but it sounds like you have a deal that might work for a number of them.

@Patrick Strain what are your long term goals?

@Khizer Husain Cash Out Refinances in general, whether you're talking about 1-4 units or 5 +, are seeing the most "post covid" restrictions/tightening of any transaction type. 

Might be harder right now as banks have tightened their lending, but definitely ask around!

In my reading the Wall Street Journal in the last 60 days, to this Aug. 16th, 2020; a few articles in it, say that U.S. banks are currently tightening their lending standards & even reducing the amounts of money they are now lending, as these banks face the in 2020 the U.S. is in a Recession, & a Recession which likely to worsen in 2021.

That one condo, although it gave me a big payday, also kept me from investing for the next several years because of the strain on our budget...Bottom line, run the numbers and if you cash flow, it’ll probably work out.

I would expect that those loans have gone away with COVID tightening up the lending game. 

The fact that it's taking sweeping affect 9/1 and not 10/1 puts a huge strain on banks that have already locked loans.