Cash out refinance loans can be the perfect option for real estate investors looking to take equity from an existing property in order to reinvest elsewhere. Cash out refinancing with hard money is the quick and easy way to raise funds and then acquire a new investment property when an opportunity arises.
A hard money cash out refinance loan on an investment property can be approved and funded in as few as 3-5 days. North Coast Financial is able to provide a cash out refinance on an owner occupied property but the process will take longer (approximately 3 weeks) due to current federal regulations that all lenders must follow.
Hard Money Cash Out Refinance to Reinvest with Hard Money Purchase
North Coast Financial is able to provide real estate investors with a cash out refinance loan to pull out equity from an existing investment property to raise funds for a down payment and then provide 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 the real estate investor is able to accomplish their investment goals.
Cash Out Refinance on Investment Property
Hard money refinance 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 an existing 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 Refinance Loans on Residential Owner Occupied Property
Cash out refinance loans are available for residential owner occupied property in some situations, but these loans will be subject to government regulations and require that the borrower meets certain requirements due to Dodd-Frank. Visit our Owner Occupied Hard Money Loans page for more information on owner occupied and primary residence loans.
Cash Out & 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 of loan approval 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, in situations where an heir(s) wishes to keep the inherited property but doesn’t have the funds to pay off the reverse mortgage. Conventional lenders are not able to refinance reverse mortgages for an heir since the property is not in the heir’s name.
Contact North Coast Financial now and get your hard money cash out refinance loan funded quickly.