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Cash out Refinance for FL Condo

Hello,

I'm looking for cashout refinance loan for a Florida Condo that I own outright. I've owned the condo for three years, so seasoning shouldn't be a problem. The condo is worth $70K and I'm looking for a $50K loan. Are there any lenders out there that make this kind of loan?
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March 11 2013 - Miami
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Answers (3)

Profile picture for SmartDecisions
I'm doing the same thing on 2 properties.  In my situation the properties are titled in our Florida LLC and I'm looking at a portfolio loan from New Penn Financial.  I can only borrow 65% of the value, however, vs. a mortgage.  Not sure if it is the best way but for liability protection and because we are out of state and want to recognize the income in FL, I think we are going with this option.
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May 02 2013

Your scenario "could" be easy depending upon your importance of the interest rate.  Do you know if your condo project is FHA approved?  Is it warrantable?  What is the investor concentration?  What is the delinquency rate of your condo fee?  You can go to the FHA and Fannie Mae website and determine if your condo project is approved.

If it is not approved, then are non-prime lenders (i.e., hard money lenders) that can lend based on equity.  But, their terms are very steep.

Either way, you have a solution.

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March 13 2013
Hi there,
those loans available and you can probably reasonably expect 80% LTV. The other factors must be acceptable also though. Your financial qualification for the loan and the complex itself is financiable.
It makes total sense to pull the cash out and use it somewhere else considering today's rates.
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March 13 2013
 
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