Rental Refi - Posted by Roger

Posted by Roger on August 11, 2006 at 08:02:11:

My balance is about 163k. I don’t think it has gone up or down in value.

How much I pull out would depend how it would effect my interest rate and fees. 10k would be good, 50k allow me to pay cash for some fixer uppers in non-prime locations.

I think I would like either a pay option arm type loan or a negative amortization loan that would allow me to make extra principal payments during summer when I collect the bulk of the rent.

Does this make sense?

Rental Refi - Posted by Roger

Posted by Roger on August 10, 2006 at 09:48:12:

I am thinking about refi’ing a beach condo in Myrtle Beach, SC that I rent out to a negetive amort. or POA. I am looking to improve the cash flow, since it is very seasonal. The property is in the LLC’s name and I would prefer the new loan also be in the LLC also

I bought it last year for 240k, with 80k down. My credit score is 700-720, but the LLC has never had any credit of it’s own. What type of points and interest rate should I expect? What impact would doing a cash out refi have?


Re: Rental Refi - Posted by Zach

Posted by Zach on August 10, 2006 at 11:57:30:

So you currently owe about 160k and has the estimated value gone up? How much cash are you looking to pull out? And what type of loan are you seeking?