Financing in Temecula>Question Details

christine ka…, Real Estate Pro in Temecula, CA

Anyone know of a place that will give a loan for a cash out refi on a home with no loan. great credit. rental home, own 7 homes

Asked by christine kankowski, Temecula, CA Mon Feb 28, 2011

I'm having the problem with all lenders relating to freddie mac and Fannie mae, due to the cash out refinance rule. I'm not looking for a hard money lender. Thanks,

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If you have more than 4 financed properties you have very few options. You will need to find a portfolio lender that will hold your loan and not be subject to Fannie/Freddie guidelines. Check with credit unions and small local bank's in your area, other wise it is hard money.
0 votes Thank Flag Link Mon Feb 28, 2011
Christine I'll check tomorrow to see if I might be able to cross-collateralize the two properties.
One of our portfolio lenders requires a minimum of $300k. The other is $400k.

If you will be so kind to send me a email with specifics, that will help.

Thank you, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Mon Feb 28, 2011
Yes, I have more than 4 properties financed.
I have one worth $190 K , the other worth $220 K. neither has a loan.
Looking to get 60% cash out. Both are rented to good , paying tenants.
Properties in good shape and in low-crime areas.
I would consider a 5/1 arm. Thanks!
0 votes Thank Flag Link Mon Feb 28, 2011
Christine,

I may be able to help you.
I'm assuming more than four properties are financed

A few questions:
1. What is the value of the property?
2. How much cash-out are you seeking?
3. Will you consider a 5/1 ARM?

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Mon Feb 28, 2011
Christine, do any over the other homes have financing? If the other six have financing then the advice from those before me holds.
Good Luck
Web Reference: http://firsttimehome.us
0 votes Thank Flag Link Mon Feb 28, 2011
Hi Christine, I sent your request (via email) to a lender friend of mine. I don't know if he'll be able to help you, but if he says he can, consider it DONE.
Good Luck to you!
Ricki
Ps...if you want to email me, I'll give you his contact info...certainly don't want to ban myself from Trulia for potential Spamming. :S
0 votes Thank Flag Link Mon Feb 28, 2011
Hi, Christine, I'm assuming this is an investment property. For most lenders, if you have 4 other properties with mortgages on them, you'll be pretty much dead in the water. Also, if you've the own the property for less than 6 months, it will be difficult to impossible to do.
0 votes Thank Flag Link Mon Feb 28, 2011
You may want to try your local credit union. It appears that they hold their loans and don't sell them on the secondary market. Good Luck
0 votes Thank Flag Link Mon Feb 28, 2011
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