Dallas-Fort Worth Real Estate Investor Club

Need Help - Cash Out Refinancing Investment Property

  • 06 Apr 2017 9:25 PM
    Message # 4720927

    Hello,

    I need Information / help in finding a lender that will provide a cash out refi on an investment for 80% loan to value for a long term owner.  I currently own a rental property in GA that I have owned since 1995.  It has been a rental since 2003, managed by a property management company and has only had 3 tenants.  The property is a single family home in a great area and should appraise for $165 to $170K.  The current loan is roughly $86K.    I am wanting to get $50K out of this property to start investing here in Texas market.  I am planning on holding on to this property, so a hard money loan is not what I am looking for.

    I have spoken to more than a dozen lenders and all but 1 would only do 75% loan to value which does not get me where I need to be.  I have found 1 that would do an 80% loan to value but they want 7 to 8.5%.  I understand that a loan on an investment would be more but not this much more. A monthly payment based on too high of a interest rate does not make sense for me from a cash flow perspective.

    Moving forward, it just kills me that I have $86K of equity tied up in this rental, excellent credit, multiple rental experience and I can’t get to these funds to grow more rental / house flipping.

    So – Does anyone have any lender that can help or maybe provide some different options? 

  • 08 Apr 2017 12:52 PM
    Reply # 4736872 on 4720927
    Deleted user

    Fred,  


    I stand corrected.   Freddie Mac use to go to 80% for a little while, but they have actually come back in line to with Fannie Mae, which is 75%.   


    Brian Morrison 

    HomeBridge Financial Services 

    Loan Officer 

    NMLS#270395

    214.893.8953

  • 11 Apr 2017 10:04 AM
    Reply # 4746336 on 4720927
    Deleted user

    Frederick,

    Call Tina Mayo, she has been in business for 17 years and is a Loan Officer/Branch Manager

    Premier Nationwide Lending is in the top 40 largest lenders in the country.

    817-808-1264

    tmayo@pnlending.com

    Please tell her where you got her info from and she will move mountains to see if she can help you.


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