Posted by Nate(DC) on May 10, 2001 at 17:10:21:
Frankly a 90% LTV cash-out refi on a NOO property is about as good as you will find anywhere. A private lender would not even go up to that LTV; they are usually in the 65%-70% range.
If you need to get a lot of cash now, the only real way to do that is to sell the property! I won’t go into telling you how to do that quickly…there are enough other posts on here to do that.
For future reference, the problem is that you didn’t buy far enough below market value. Assuming it was worth $111,000 when you bought it, you paid 78% of FMV. You should be looking to buy at 50%-60% of FMV, tops, to make better profits.
Good luck!
NHT
Should I refi or look in another direction? - Posted by KTaylor
Posted by KTaylor on May 10, 2001 at 15:50:11:
We purchased a non-owner occupied SFR in January. We have two loans on it (to avoid mortgage insurance) totaling 87,000. We had it on the market from February-March, we then took it off and decided to keep it as a rental. Our mortgage broker had an appraisal done that came to 111,000, and “overlooked” that it had been on the market at all. After all of her promises, it turns out she can only refi us to 90% LTV which only nets us $8500. I don’t want to pay all of the fees twice in 6 months to walk away with less than we invested in the first place.
How can we get more cash? We have perfect credit, and sufficient income for any loans that are available. Or should we be looking at private loans?
Any help greatly appreciated, thanks in advance.
K Taylor