Cash Out Refi
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  1. #1

    Cash Out Refi

    I have a client looking for a Cash Out Refi on his home. It is owner occupied. 640 Credit Score, home is paid off with a value of $442,900 and wants to cash out $150,000

  2. #2
    Senior Member Reputation points: 124096 BR-Nightmare's Avatar
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    Quote Originally Posted by NRS View Post
    I have a client looking for a Cash Out Refi on his home. It is owner occupied. 640 Credit Score, home is paid off with a value of $442,900 and wants to cash out $150,000
    Reach out to Steve (Olderguy) on here.
    The Brokers Nightmare
    I don't want peace, I want problems, ALWAYS!
    Florida-Based

  3. #3
    Senior Member Reputation points: 72398 Olderguy's Avatar
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    I can do it in California but in other states can only do investment property. Primary residence cash out requires a broker that is licensed in the state. That being said I do know a guy who might be able to do it. I just have to reach out to him with the information.

    I also recommend bank or local credit union for situations like these. Local credit unions can give you the best HELOC. Home Equity Line of Credit. email me or call with owner or your address, phone, etc.

    Worst case Ironwood or World Business Lenders - but reach out to me first to check your better options. I am sure we can figure out a way to get you the cash without going to a MCA cash out collateralized by primary residence.

    Oh - BTW I do have a national direct lender who can do this but they only pay a 25bps referral fee.
    Last edited by Olderguy; 07-27-2023 at 12:11 AM.
    Steve Benjamin
    Professional Business Loans

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  4. #4
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    Our guys can do it

    Quote Originally Posted by NRS View Post
    I have a client looking for a Cash Out Refi on his home. It is owner occupied. 640 Credit Score, home is paid off with a value of $442,900 and wants to cash out $150,000
    Send me an email with particulars and I'll send an app.
    Mike Lewis - commercial real estate loan broker / owner
    No up front fees loan broker
    Commercial real estate loans: Acquisition, refinance, construction and FAST bridge loans from $200k +

    tel/voicemail: 937-964-5355
    cell/voicemail: 440-637-5646
    corporate email: mikelewis@michaellewisgroup.com

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    WE CO-BROKER with an even 50/50 split and we both get paid by wire at close.

    We issue a combination mutual NDA / fee split, you introduce your CRE clients to us stating simply we handle your commercial real estate loans, we take it from there and keep you in the loop. When a loan you referred closes, you get paid at close by wire.If you can work with that please do not hesitate to contact us. Our loan forms are vanilla with no company name.

    Michael Lewis Group Commercial real estate loans

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  5. #5
    If this client has a loan interest rate first, get him a fixed second to they dont loose that low rate first. Second can be done full doc, bank statements,1099, and/or P&L only
    Andrew Goldthorpe
    Desk 707.521.0911
    NewPoint Mortgage Wholesale
    Andrew.Goldthorpe@NewPointMortgage.com
    NewPointMortgage.com

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