Cash-out real estate refinance (150k request) possible in this environment with little documentation?

I have a balloon loan that is coming due in less than 6 months that I need to refinance. It is a loan for a commercial real estate property and I need to do a cash-out refinance to make improvements. Current balance $100k. Loan amount requested $150k. Building value ~$250k. Would this be possible with a low-doc/no-doc loan? I'm wondering if the current mortgage environment has made it impossible to do this.
In General Area - Asked by Phuc H. - Dec 9, 2008
Report Abuse
Answer this Question


Cecil C.
Sandy, UT

I rep for a lender. We have a lite doc program however dependent upon what your file looks like. We can lend 70% LTV min Fico 600. I can give more detail if you are interested. I don't know of anyone that do a No Doc anymore. I believe your deal is still possible in this market.

Dec 10, 2008
Report Abuse
Joe V.
Plymouth, MI

Take out the entire exising loans and have money for your rehab using LOC's. This is easy to do. Go to They do mine just like this. I use my LOC's to buy and finance my rehab money at the same time...and I don't have to ask permission. Then I take out the LOC after the rehab is done using their Structured Financing. You can get the money you need in about 4 months...tops.

Dec 10, 2008
Report Abuse
scott s.
Lender/Mortgage Broker
Southampton, PA

Hi:You won't be able to refy full amount you must leave a "Equity Cushion"
If you are still looking to do this send a post with your e-mail or go to one below.

Dec 11, 2008
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question