OfflineI hope someone can help me on this. I have been trying to get a cash out refinance on my condo properties and keep getting turned down by banks because it is an investment property. I do not want to with a private lender because the interest is so high (10%-14%) Any recommendations?
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I would start with the smaller local banks and credit Unions in your area. That will be the best chance of getting a cash out refi. You may have to call quite a few but keep trying.
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Hard money lenders are in that range, but with some continuous looking, you can find private money lenders in your area that might charge a lot less. (5 - 9% might be the target rate)
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am looking for someone who knows of hard money lenders that will lend and not ask for credit references or a maney partner in the oregon area that is will ing to work with new investors. look forward to comments. Phatty
am looking for someone who knows of hard money lenders that will lend and not ask for credit references or a maney partner in the oregon area that is will ing to work with new investors. look forward to comments. Phatty
There are private lenders who are just trying to beat 3% they are making in a CD. If they know about a good real estate deal, they may go for it. I've had friends fund houses with other people's CD money.