What are lenders you know of that do cash-out refinances on 100k rental properties?
Hey y’all. I own a rental property appraised slightly over 100k and is completely paid off. (Owned over a year)
What lenders you know of that do cash out refinancing for rental properties appraised at this value? I search on google but all I get are articles and lenders who require higher appraised properties.
thank you
Quote from @Jose Morales:Jose, there are ton of qualified DSCR brokers and lenders who can help you gain access to equity in this scenario. Take a look at the find a lender tab or work with a broker who can quote you multiple options from a wide variety of lenders!
Hey y’all. I own a rental property appraised slightly over 100k and is completely paid off. (Owned over a year)
What lenders you know of that do cash out refinancing for rental properties appraised at this value? I search on google but all I get are articles and lenders who require higher appraised properties.
thank you
Hi Jose,
100k should be doable for many lenders out there!
Hey Jose -
This is definitely doable. If you've owned it for at least a year, you can go the conventional route or something like a DSCR loan. Depends on whether you can qualify by supplying docs like W2s, paystubs, etc. and if you want to close in your name or an LLC. Feel free to reach out, I'd be happy discuss these options.
-
Broker Ohio (#NMLS 2339224)
- Barrett Financial Group, L.L.C.
- 330-354-6590
- [email protected]
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Quote from @Jose Morales:
Hey y’all. I own a rental property appraised slightly over 100k and is completely paid off. (Owned over a year)
What lenders you know of that do cash out refinancing for rental properties appraised at this value? I search on google but all I get are articles and lenders who require higher appraised properties.
thank you
You can finance this with a DSCR loan with a minimum value of $75k. The fees will be high though.
@Jose Morales..throwing my $0.02 in here. I agree with @Erik Estrada; property is going to HAVE to come in at $100k or above and loan amount at $75k or better. Many lenders are NOT doing this loan amount and getting rid of anything sub-100k. Expect fees to be very high.
