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Refinance rental property

I purchased a rental property with cash and would like to do a cash out refinance.  I already have 4 residential mortgages.  Can I still get a loan?
  • December 05 2012 - Punta Gorda
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Answers (2)

This is a very common refinance. Infact we do them all the time and there are a number of wholesale and retail lenders that do them. When you buy a property cash and you refinace it is referred to as delayed financing if it is within 6 months. After 6 months you can cash out the property to 75% based on the new appraised value.

It is important that while looking into unique programs like this, you talk with a real mortgage professional asap. I have 2 clients just in the last month with this exact situation whom we helped get cash out while mainting a cash flow position on the property.

Good luck and hope to talk to you.
  • December 05 2012
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Profile picture for daveskow
you need to find a lender  that has a loan program that allows  more than 4 properties ...not all do  ...but there are soem that do ....
  • December 05 2012
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