Financing in San Diego>Question Details

William Cairo, Other/Just Looking in San Diego, CA

Looking to pull cash out of 4 Condos. Own 2 properties that are financed, bought 4 condos cash I would like to pull cash out

Asked by William Cairo, San Diego, CA Fri May 24, 2013

The 4 condos were bought 10 months, 5 months, 4 months and the last one this month. How long do you have own before I can pull out 70% loan/value cash out?

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Answers

8
Mr. Cairo,

No problem, i can finance all four properties for you simultaneously We have a program for investors that pay cash with FNMA rates.

Please feel free to contact me Paul.Gomez@nafinc.com.
New American Funding
NMLS 897219
0 votes Thank Flag Link Sat Jun 1, 2013
Mr. Cairo,

No problem, I work with Investor's frequently that pay cash and, desire to access the funds before the 6 month seasoning time frame.

This is known as "Delayed Financing" and I I am able to get you FNMA rates on all 4 properties simultaneously.

Please feel free to contact me Paul Gomez, New American Funding
paul.gomez@nafinc.com
0 votes Thank Flag Link Sat Jun 1, 2013
William, it depends on who it's all financed through, but you can definitely get some cash out one way or another. Worst case, I know Private Equity guys that would help you out easily. Call Jon Jerotz for traditional mortgage options 760.522.2298 and if that doesn't work, I can point you to some companies that privately lend on what you need.

- Mr. Credit
Web Reference: http://www.MrCredit.org
0 votes Thank Flag Link Mon May 27, 2013
please contact maureen regarding cash out of 4 condos at maureen@landangel.com or 760 622 6855
0 votes Thank Flag Link Sat May 25, 2013
FannieMae has a guideline that you can only cash out of 1-4 properties. If you have 5-10 with financing, you can only cash out of your primary residence. So it looks like you would only be able to cash out of 2 of the 4 since you already have 2 financed. Of course there are portfolio lenders out there, that may have different guidelines but FannieMae is the most common. Great luck! : )
0 votes Thank Flag Link Fri May 24, 2013
Not sure where you are heading. Assuming that you want to take loan against the condos, generally you need to wait. However, there are some lenders who would do so.

Need further assistance, you may contact me.

Manju Gupta
858-947-8490
0 votes Thank Flag Link Fri May 24, 2013
William,
You can usually get cash out immediately up to 6 months. These loans are called 'delayed financing'. Once you are past the 6 months, you have to wait until you are at 12.
I'd love to be your REALTOR and help you get better returns on you dollars
0 votes Thank Flag Link Fri May 24, 2013
If you're looking for a conventional loan, then you'll have to hold for at least 3 months for most lenders and 6 months for some lenders.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri May 24, 2013
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