A cash out refinance loan can be a great option for a real estate investor looking to take equity from an existing property and reinvest it by purchasing another property. Cash out refinancing with hard money is the easy way to quickly raise funds and acquire a new investment property. A hard money cash out refinance loan can be approved and funded in as few as 5-10 days.
In some cases, a borrower will first utilize a cash out refinance loan to pull out equity from an existing investment property and then take out a hard money purchase loan to acquire the new investment property. North Coast Financial has the ability and resources to quickly fund multiple loan requests and ensure their borrower’s financing needs can be met.
Cash Out Refinance for Investment Property
Cash out refi loans are available for various investment property types including residential rental property and commercial property. Real estate investors refinance investment property and rental property for multiple reasons including pulling out equity to invest in a new opportunity, refinancing to a lower interest rate, or paying off a previous loan that will soon become due. Refinancing investment property is a straightforward process that requires just a 1003 loan application for initial approval.
Cash out refi loans are available for residential owner occupied property in some situations, but these loans will be subject to government regulations due to Dodd-Frank.
Refinance Interest Rates
Hard money refinance interest rates are generally consistent with interest rates of other hard money loans, depending on the specifics of the loan scenario. Cash out refinance rates from hard money lenders are higher than rates from conventional lenders such as banks or credit unions since the perceived risk is higher. Although, the interest rates are higher, the convenience, speed of approval and funding and increase in likelihood that the loan will be approved in first place are worth the added financing cost for many real estate investors.
Refinance Reverse Mortgage Loans for Heirs
North Coast Financial is able to provide funding to refinance reverse mortgages for heirs, a type of loan a conventional lender isn’t able to do.
Contact North Coast Financial now and get your hard money loan funded quickly.