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  • taza
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Asking for a friend residing outside the country - refinance for owner with 10+ properties?

Had post this over a weekend and one of the Zillow members advised to post it on a week day.

A friend of mine bought 12 homes in Phoenix area and she is now residing in China for a US company from there.

This person is in need of money ($15k) for personal health reasons. Her realtor here called me and confirmed that all of properties has appreciated a bit  She did down 25% on each home and her income & 'LTV on each home' is good, from what I can see.

From my personal experience,'refinancing to cash-out' cannot happen if a person owns 10 or more homes. Am I right in advising her that there is no room for refinance to get $15k?  She does not need more than $15k.

Many Thanks!!
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May 18 2012 - Peoria
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Answers (1)

If you email me privately I will put you in touch with my mortgage banker, he is one of the most experienced mortgage financiers in the NW valley and I'm sure he would provide me with an answer for you. With that much equity spread around those investments I would be shocked if there wasnt some way to extract 15k. Best of luck! Chris 

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May 18 2012
 
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