Cash Out Refi in Michigan

Justin · Joined: 29 Aug 2007 Posts: 3 2.38 Dollars($)

I am looking to rehab several multi unit residential properties over the next year, and instead of focusing on selling them, I plan on refinancing them, pulling out some of the equity and keeping them as rentals. These properties will primarily be in Michigan and some in Indiana.

I need someone that would be able to take care of this refi for me on a regular basis.

Probably will have to be no doc as I am self employed(less than 2 years) and be able to pull cash out, preferably up to 80%LTV. I currently own 6 properties already including my own residence and have a 700+ credit score.

If anyone can help me out please let me know.
"Justin@JPPropertiesLLC.com"

[Email address deactivated as per forum rules. Thanks.]

Guest 0.10 Dollars($)

For no doc refinance loan you should expect higher interest rates being quoted by lenders. How is your income? But I would say 80% ltv could be difficult.

Justin · Joined: 29 Aug 2007 Posts: 3 2.38 Dollars($)

Yeah I defintely understand it will be a higher rate, and that is fine, because I will buy properties cheap enough that it will offset the rate.
Going 80% would be great but 70% would be great also.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Justin,

Nowadays, there are many organizations who offer no doc cash out refinance loans even with 80% financing. They just require you to have a lot of equity in your house. If you have the equity in the houses, then you may be eligible for such refinancing.

Moreover, you can also go for stated income loans as these type of loans are available both for employed and self employed borrowers. This type of loans will help you even if you are unable to prove your income. This will not require to show your W-2s, your pay stubs and tax returns copy. But the lender offering this loan will require you to be self employed for a minimum of 2 years. You have stated that you are self employed for less than 2 years. In that case, if you can provide a letter from an accountant to show the verification of your employment, it will help you to get the loan.

Justin · Joined: 29 Aug 2007 Posts: 3 2.38 Dollars($)

Larry, thanks for your reply. The equity will defintely be there. Is this something you could do for me? Assuming you could do loans in MI?
Thanks,
Justin

Caron · Posted: Thu Aug 30, 2007 10:34 am Post subject: RE: Rehab loan offer

Hi Jill,

Welcome to our forums.

It's good to hear that you'll be able to pull out 80% of your home equity. now, if you are interested, you can consider taking loan from our community lender itself.

Our community has a group of lenders who provide different types of home financing options. So, if you can send us your request for mortgage quotes, then we shall be able to forward the request to those lenders. The lenders in turn will try to match their profiles and your loan requirements and if they feel they can start a deal with you, then they shall contact you asap.

Good luck Smile

and feel free to clarify your doubts

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Justin,

It's my pleasure to help you. But sorry, I cannot provide you a loan as I am not a lender.

evolovik26 · Posted: Sat Sep 01, 2007 6:01 pm Post subject:

I will look into the matter as this might get complicated due to the fact that no doc loans are typically intended for primary residences but a private investor might be interested and some hard money lenders as well. Perhaps you can use future rents as well. If i figure out how this be done ill get in contact with you, If you need any general advice give me a call.

Samantha · Posted: Mon Sep 03, 2007 11:59 am Post subject:

But Evolovik, hard money lenders would require a loan to value ratio of 65-70% and minimum 30-35% of down payment. This may not be a problem for Justin as Justin has agreed to finance up to 80% of the purchase price. But he has to have a clean credit report (his score is a good one though) the past 12 months. And, even after this, one has to pay comparatively higher interest rates. That's what hard money loans are all about.

evolovik26 · Posted: Mon Sep 03, 2007 2:17 pm Post subject:

it all depends on alot of factores thats why i want to do research first

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