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jumbo cash out refinance loan

My primary residence has no loan on it. It is worth 3 million. I have excellent credit and income. I am looking to borrow between 1 and 1.5 million for 15 or 30 years. Most lenders I have talked with either won't do such large cash out (all the loan will be cash out) or want a very high rate. Any suggestions???
  • October 20 2012 - Long Beach
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Answers (21)

If you can "get by" with $1MM will all the funds be committed long term?
I ask that because you could secure $729K on a 15 Year fixed rate in the 2's along with a piggyback for the difference. 
  • October 20 2012
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A couple of years ago I bought our house and did a major remodel. As it happened I had someone make me a very attractive offer on an investment property that wasn't for sale. But the offer was so good I decided to go ahead and sell. This generated all the cash I used for the purchase and reconstruction on the house. I am now in the position where I would like to pull some of that money out and re invest it.
I should also point out I have a high net worth, with substantial liquid assets and very modest debt.
So I'm looking for a longer term loan, if there are any out there.
  • October 20 2012
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Have you received quotes from any Portfolio lenders? Securing 729K in the 2's is a pretty good deal, the balance could be secured for 10 years using a securities based loan, probably in the same rate range.    
  • October 20 2012
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If you have a FICO of at least 740 than you may have a few options that are available to you. There are also loans out there for those with substantial assets.

  • October 20 2012
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Last I checked my FICO was 780. Suggested lenders??
  • October 21 2012
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I think Union Bank might be interested. I know they're a portfolio lender who works with high credit borrowers. Have you talked to them? I can refer if you like. A lot of lenders are going to balk at that kind of cash out but a strong portfolio lender would be a good bet. Good luck!

Paul
  • October 22 2012
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The highest cash out amount right now for one of our lenders is $800k but we can ask for an exception on a case by case basis. If you'd like we can run it by the lender first without having to go through a full submission so all that is needed is a full loan application. Please contact me through my profile if you would like the lender's information. They have many locations in Southern California so you may have the option to go to them directly. 
  • October 23 2012
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  • January 29 2013
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  • February 01 2013
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My post was from October. I found a very attractive loan and closed at 3.75% 30 yr fixed no fees minimal cost ($2500) on 1.5M all cash out. Could have gone higher loan amount but that is all I wanted.
  • February 01 2013
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That's great Mark.  What company closed this for you?

  • February 01 2013
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Those are attractive terms for sure!

Tahoemark, was that through Private Banking? 
  • February 01 2013
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That was through JP Morgan/Chase. Who I have absolutely no history with and I didn't have to transfer any accounts or anything. They don't have any restrictions on cash out.
  • February 01 2013
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Very nice, congrats on the terms and your timing.
  • February 01 2013
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  • February 03 2013
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Tahoemark,

We offer competitive Portfolio Lending and we have no restrictions on Cash-Out. You can contact me through my profile for more information if you like.
  • February 24 2013
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My primary home is valued at $650,000 in NJ with no mortgage.  I paid $$500,000 cash for it and have owned it for 2 months.  I would like to refinance with cashout in the amount of $480,000 or less than 75% LTV.  I have good cash reserves ($55,000) and a retirement account ($92,000 vested).  My brother-in-law is a non-occupying co-borrower.  My FICO is 755 and his is 797.
  • April 09 2013
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I can go up to 1MM max cash out with out there having to be a loan on the pproperty, max LTV would be 75%.
  • April 09 2013
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Details, details, details....... This poster updated in Feb that they found a loan.
Over a month late to the dance Brynn.....
  • April 09 2013
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"My primary home is valued at $650,000 in NJ with no mortgage.  I paid $$500,000 cash for it and have owned it for 2 months.  I would like to refinance with cashout in the amount of $480,000 or less than 75% LTV.  I have good cash reserves ($55,000) and a retirement account ($92,000 vested).  My brother-in-law is a non-occupying co-borrower.  My FICO is 755 and his is 797"
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Why is Conchetta, who is listed as a "lender" asking this question that she should know the answer to?
  • April 09 2013
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Congrats on the loan getting done!

  • April 09 2013
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