Need a cashout refinance for divorce, commercial mortgage.
I recently divorced and part of the settlement was I get both (commercial) properties and he gets another + $75,000. The one property currently has a mortgage of 270,000 and appraised for 700,000, the second one is free and clear and owner occupied.I need to take out a mortgage to pay him off and not sure of which way to go with this. I've talked with Chase Mortgage but they don't do cash out. Can anyone tell me what my best option is? by jethro_312_372 from Atlantic City, New Jersey. Nov 8th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The free n clear owner occupied is the easiest mortgage to get. Contact a local mortgage broker, not a bank and have him look at your complete scenario. He works with a variety of different lenders and will be able to place your loan with the right product for your particular situation. WilliamAcres.com
Joshua Coombs (joshua)
#50 ranked lender in Washington - 6 contributions
Your best option would probably be to refinance the owner occupied property with cash out, if you have enough equity in the property. You can secure the lowest rate, and possibly only have to deal with one mortgage. I would recommend refinancing the owner occupied property, paying off the $270,000 + $75,000. That should give you the lowest cost of debt. Of course, you should probably talk to your accountant. There could be tax issues involved.
As a direct lender with can do the cash out quick either stated income or full doc. Both have different rates. We can do cash out up to 65% loan to value depending on credit. Hence on $700,000 we can give you a new loan up to $455,000 This is based on residential if commercial we can only go up to 60% LTV. Email me or call me 800-395-7892 x802 or james.securefinancial at gmail.com
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