A Cash out refinance is a pretty common loan these days and can be supported my most conventional lenders. But what if you cannot qualify for a conventional loan how do you get access to the equity in your real estate if you need it? We work with business owners and self-employed clients who do not qualify conventionally but can also help people who have recently become divorced, retired or received real estate as an inheritance but don’t qualify to get a loan from a bank. Since we don’t pull credit or require tax returns our loans can support those who don’t fit in the box.
Loan Origination Fee: 3 Points (min. $2,500)
Loan Document Fee: $650-850
Monthly Interest Rate: 1% per month
Monthly Payment: Interest Only
Loan Amount Range: $50,000 up to $2,000,000
Closing Costs: Paid by Borrower
Loan Closing: 3-5 Business Days
Loan Maturity: 1 month to 10 years
Property Appraisal: Not Required
Underwriting Fee: None
Pre-Payment Penalty: Never
Extension Fee: $0 on performing loans
At Northwest Private Lending, we love being able to connect clients like Patricia with loans that wouldn’t typically be available through banks. By taking advantage of our cash-out refinance loan program, Patricia and her family were not only able to hold on to the equity in their house but their hard work paved the way for them to become first-time real estate investors!