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I have 2 properties with no mortgage on any of them. We need to cash out for a new business

the tittle is under our investment company name.
We are in Virginia.
What is the best and fastes way to get this loan?
Thanks
  • March 28 2011 - US
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Answers (3)

Private money lenders will lend up to 65% of the value. I know I would but we do not lend in your area.
  • April 06 2011
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Not all lenders will allow a "cash out" mortgage on an investment property.

Those that do will allow it will let you borrow 65% to 75% of the appraised value.

If you bank at community bank, they may allow a home equity line of credit on these properties. This option would be quicker than a starnd fixed-rate type mortgage but line of credit will be adjustable in rate.
  • March 28 2011
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Assuming you qualify, you will most likely only be able pull out 65% of the appraised value.  You'll want to contact a Loan Officer, whom will be able to complete the transaction for you.  This process typically takes about 30-45 days (depending on the Lender).  I don't know if this helps.  Best wishes with the new business.
  • March 28 2011
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