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Can I cash out refi my investment I have owned 6 months? paid cash!

Profile picture for v8envy
I bought a rental property in my business name and am having trouble finding a loan. I want a fixed rate cash out refi 50% LTV and no one seems to be able to help me. Everyone says they can then I apply get a bunch of hard inquiries lowering my credit score and then a month goes by and nothing comes together!
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January 28 2011 - Grand Ledge
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Answers (2)

Profile picture for 203K Alternative
You will need to transfer title into your name a wait six months and they most lenders will be able to do a cash out loan for you.  If you can not wait that long for the cash, you can cash out private money then refinance in six months into conventional financing.  You can also try a small local depository bank they may be able to help you.  Good luck.
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January 28 2011
Profile picture for Carl Henker
The 50% LTV is based on your purchase price if held less than one year?  The property being held in the name of a corporation or business name may be a problem.  When you sit down with a lender ask to see the guidelines on the requirements before your move forward with credit and such.
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January 28 2011
 

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Profile picture for John Conklin
QuestionCan I cash out refi my investment I have owned 6 months? paid cash!
  • Latest answer by John Conklin
  • January 28 2011
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