Cash-out refinance
Posted 11d agoCash-out refi on rental portfolio
$640,000
Location
Phoenix, AZ
Target rate
8.75%
Term
5 yr
Property type
Single family
Property & underwriting
- Occupancy
- Non-owner occupied (investment)
- Lien position
- 1st lien
- As-is value
- $984,615
- LTV (as-is)
- 65.0%
- Exit strategy
- Refinance to conventional
- Borrower experience
- 4-10 deals completed
- Borrowing entity
- LLC
- Funding timeline
- 2-4 weeks
- Additional collateral
- 4 single-family rentals
Use of funds
Cash-out refinance
Deal summary
Stabilized portfolio at 96% occupancy, DSCR 1.42. Cash-out to fund two additional acquisitions.