Dallas-Fort Worth Real Estate Investor Club

Cash out refi

  • 12 Jul 2017 11:16 AM
    Message # 4970938

    I'm looking to do a cash out refi - numbers below:

    Current mortgage - 311K

    Second lien - 45K (pool loan, 15yr)

    Current property value is between 530K-545K

    I'd like to roll the pool into the new mortgage, take out around 60K to pay off a cc and purchase a rental property.  Rental property I can get for 39K, needs fixing up (25K) but would sell for approximately 105-110K after repairs.  Would have tenants to rent to immediately, so I plan to keep it for at least a year and rent it out.

    If you're interested in possibly discussing this refi opportunity please send me your contact info.

    Regards,

    Scott

  • 13 Jul 2017 8:25 AM
    Reply # 4974425 on 4970938

    Let me try to understand:

    1. You want to keep the current first lien intact.

    2. Then, you want someone to replace the current second lien with a larger loan to be able to pull $60k out.

    If those statements are correct, you might have to put in a new second lien around $108k which will cover the existing lien, expenses, and give you the cash.

    So, at the end of this operation, you will have $419k borrowed against the property. Using $530k for the value, that is a total LTV of 79%. Using $545k for the value gives about 77% LTV.

    In my experience, most investors won't do second liens and LTVs that high.

    Thanks,
      Neil Aggarwal
      NSA Partners, Ltd.

  • 13 Jul 2017 7:09 PM
    Reply # 4975522 on 4970938
    Deleted user

    Scott, 

    Call me when you get a chance.  We can get to 75% Investment property 80% Primay residence.  Might be able to work something out though in conjunction with that investment property you are purchasing. 


    Brian Morrison 

    HomeBridge Financial Services 

    Mortgage Loan Officer 

    NMLS#270396

    214.893.8953 cell 


    Vendor for DFW REI 


    Thanks! 


  • 13 Jul 2017 11:33 PM
    Reply # 4975824 on 4970938

    Hi Scott, would love to help.  Can write cash out loans and renovation loans on investment properties.  


    -Andrew Postell

    817-873-0621

    andrew.postell@gatewayloan.com

    Gateway Mortgage Group

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