Can you get cash out at closing?

Posted on: Fri, 10/24/2008 - 00:49

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Can you get cash out at closing?

My question is this. Say you want to buy a house for 50,000 but the house appraises at 110,000. Is there a way to get at that equity when you close on the deal? Say, pull 25,000 out to use on repairs? I looked all over for a "search" field to search this (I'm SURE it's addresses on here somewhere), but couldn't find it. TIA...

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Emily
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Posted on: Fri, 10/24/2008 - 01:24 #1

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ECC Investments

Yes!For example there are hard money lenders that will lend up to 70% of the ARV,which in this case would give you more than the $25,000.

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Posted on: Fri, 10/24/2008 - 14:56 #2

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Thank you!

Is this only possible with HML?

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