What financing options do I have???
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Hi Curtis, I've sent you a message. Please let me know the most convenient time for us to connect.
Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Curtis,
"valued at $220k" is one part of the equation. How much equity do you have? Do you own it outright? You could do a cash out refi, but you'd be dealing with current interest rates.
MIke
Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Is the property an investment property and is it rented out? If so, you can use a DSCR cash out loan no problem
It's not rented out. It's originally was going to be but it's a flip now.
Quote from @Curtis Cecil:
It's not rented out. It's originally was going to be but it's a flip now.
Hi Curtis, even if the house is not rented there are DSCR options you can to that would go off an appraiser's fair market rent analysis. Or there are HELOC options you can look at also. I am a local loan officer that works for a mortgage brokerage in Chandler also, let me know if you have any other questions.
Quote from @Mike Grudzien:
Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Curtis,
"valued at $220k" is one part of the equation. How much equity do you have? Do you own it outright? You could do a cash out refi, but you'd be dealing with current interest rates.MIke
Sorry Mike, I missed your post. It's free and clear, owe nothing on the property.
You could possibly do a bridge loan, maybe a 6-12 month term to pull some of the equity and rehab, then sell or refi if you plan to hold. Bridge should be doable as long as you have at least a 600 FICO. That will limit your LTV, but doesn't sound like that will be an issue if you're only looking for $100k.
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Quote from @Curtis Cecil:If cash is the quest, just do a short term bridge loan. You'd spend a lot of money to reduce the prepayment penalty on a DSCR loan if you're just going to sell it.
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
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Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Hey Curtis,
What would be considered a fair credit score? 680-700?
Is your non-primary home a second home or an investment property? How much do you owe? Is the property in distressed condition?
There are several ways to approach this depending on your goals.
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Quote from @Erik Estrada:
Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Hey Curtis,
What would be considered a fair credit score? 680-700?
Just a bit lower
Is your non-primary home a second home or an investment property? How much do you owe? Is the property in distressed condition?
Investment, going to be a flip. Free and clear.
There are several ways to approach this depending on your goals.
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Quote from @Curtis Cecil:
Quote from @Erik Estrada:
Quote from @Curtis Cecil:
So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house? Credit is fair but not great, I have access to a strong co-signer if I need to. My Primary residence has some equity but I would rather figure out how to collateralize the non-primary house.
Any ideas???
Hey Curtis,
What would be considered a fair credit score? 680-700?
Just a bit lower
Is your non-primary home a second home or an investment property? How much do you owe? Is the property in distressed condition?
Investment, going to be a flip. Free and clear.
There are several ways to approach this depending on your goals.
I think in this case, you may want to consider a bridge loan to cash out on the current equity, renovate, and sell.
-
Lender California (#02161719)
- 818-269-7983
- https://www.luxeprivateinvestmentsllc.com/
- [email protected]