Are there lenders that allow cash-out refi's on commercial loans? My projects are single-family or 1-4 unit multifamily rehabs. My commercial mortgages are 30% down plus front-end closing costs. For an upcoming project my out-of-pocket costs will be $80k which I won't recoup until the property is rehabbed and then sells. Is there a way to refi after the rehab is complete so that the equity we used up front can be applied towards a new project? If so, what are the allowances, 80% LTV, 90% LTV? Our mortgages are through our LLC. We'd be mostly interested in low-cost refi's to help keep the profit margin intact.
Thanks in advance,
Mark

Guest_Mark

1-4 family dwellings are not considered commercial, in this case you, as the non-owner occupant, are buying investment properties. With a credit score of 620+ and supportive income you can get 100% re-financing. This will allow you to take a healthy amount of cash after re-hab; be careful because some banks will not re-value/re-appraise a home within 12 months of the purchase.

If you have questions or need help putting a loan toghether give me a hoot! I will review the options with you and set you up in a specialized re-hab lending program for your state.

big_baer

If you have commercial properties also, the high-end ltvs are in the 80%'s, if that's do-able for you?

What about a 4 million dollar apartment and I owe a million. Can I get a million cash in hand at 50% ltv

Yes I can help you with this contact me.

To Brandon and Mark.

Both of your scenarios are very do - able deals. Being that I am a direct lender I can get you the most competitve rates out there. Please give me a shout and we will run through the scenarios. Thanks!

Brandon,
I would like to assist you with your loan request and I will not break you with orignination fees. I'm sure that we can get you a great rate. Y

Cordially,
Sharon Byers