I had a hard time getting a lender to do a small cash out loan on an investment property of say $150,000 and the borrower had $5m in liquid reserves. So I hope that gives you an idea. Just recently some new regulations have been put in place for people in that situation to make things easier. Speak with some lenders to see if you do have any options but you may have to wait or get a co-signer.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
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Licensed Real Estate Agent
The answer is yes, but there will be the big question of "income". If you have no way to pay off the loan, who would provide you a loan?
Your track record will help, but you might need to go with a lender that can set up a non-conventional mortgage. Likely more money down (and all monies have to be verifiable sources) in the range of 30% and a higher interest rate. This type of loan would not be resold and the lender would keep it because of the higher interest rate.
It might be tough. I have several lenders that work with those that might need a non-conventional approach to the mortgage. Visit my web site and the resource page to find those lenders.
Bernstein Realty, Inc.