Cash out of a rental without showing income

[William C Bruckner]

Hello all, 

I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.

[Anna Buffkin]

DSCR if the house can support itself based on the lenders criteria.

Working on your credit may be more important than your income going non conventional lending.

[Robin Simon]

Quote from @William C Bruckner:

Hello all, 

I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.

DSCR Mixed Use might be an option depending on a few factors but you really should focus on getting that credit up - any chance you can do some repair and get that improved even just 20-30 points in a month or two?

[William C Bruckner]

OK, Citi Bank is presently calling my FICO score at 729 but my 3 individual scores this AM where 636,648 and 708

[Jacob Sherman]

Quote from @William C Bruckner:

Hello all, 

I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.

DSCR and hard money are both an option . What is the scenario looking like ? 

[Brandon Croucier]

I can get you up to 75% Cashout with just a 650 Fico on Mixed Use! Let's connect!

[Brittany Minocchi]

Hey William - 

You should have some options with your current FICO. Happy to discuss if you'd like to reach out! 

[Alex Hunt]

Happy to help on a DSCR loan for this! Love mixed use

[Andrew Yanni]

I would def use a dscr and based on your FICO you're going to need a specialty lender or broker and need to go low on LTV. These are things we can help you with when you're ready.

[Erik Estrada]

Quote from @William C Bruckner:

Hello all, 

I have mixed use building with 100% equity and multiple years of rent history. I need to pull out cash to perform maintenance on the same property. I can't show income, but my credit is in the 650s. DSCR? Hard money? No-doc equity loan? Any recommendations would be greatly appreciated.

How much maintenance does it need? Will it pass an appraisal? You may want to consider this before paying $1-$2k for an appraisal and not have the loan close. 

[Jonathan Taylor]

@William C Bruckner I would work on your credit to get it above 660 mid score, above 680 ideally. You have a lot better/cheaper lending options with a higher score. DSCR options would be best as local banks require higher FICOs most of the time but each bank has different UW guidelines.