Will a lender do a cash out refinance at this time?
I was wondering if there are lenders who will do a cash out refinance on an investment property in Texas for $150k? The property is a multi family 5 unit home. Recent appraisal pegs the value of the property at around $500k Is the loan amount too low? Some say I should bump it higher to $250k so that lenders will consider. TIA! by henry82 from San Antonio, Texas. Mar 15th 2023
Dave Skow (daveskow)
#2 ranked lender in Washington - 453 contributions
thanks - Due to the proeprty having 5 units - this will likely need to be classified as a commercial loan ( versus a residential home loan ) ...this type of loan will be very different than a home loan ...is the home formally a 5 plex? or a 4 unit with a ADU ? You might contact the present lender for cash out refinance options /....you might also contact the smaller to mid size banks and credit unions close to the proeprty for options - good luck ..Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,843 contributions
Will lenders do a cash out refinance? Most will, some won't. Laon-to-value guidelines will apply. Some lenders do set minimum loan amounts. Standard loans only do 1 - 4 unit properties, so this will typically be a commercial loan. Just go ahead and make an application with a local lender. I lend in Iowa, Minnesota, Wisconsin, North and South Dakota. Cambria Mortgage, NMLS 274132. Find me at JoeMetzler.com
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