First, it depends on your lender, and equity position. I do have a alternative way for if you are needing cash... email at merchantsonthego@outlook.com .. funding in a few weeks... linda
Good morning! Yes there are programs that allow for refinancing your investment property. Most products allow for this type of property would allow for a loan up to 75% of the appraised value and still offers competitive rates. If you would like more information, please feel free to contact me via email at Tom@thamesjackson.com.
You may have trouble finding a "home equity loan" for an investment property but it is possible to refinance and take cash out up to 85% of the current value as long as the details of the application work. (Some lenders are capped at 80% of the value.)
There are lenders out there that will allow for a cash out refinance on investment properties, however most would want to be in first position, and have a limited loan to value.. it's best you contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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