Refi cash out on investment condo?

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Refi cash out on investment condo?

jameshogg

Posted on: 22nd Jan, 2011 09:36 pm

I purchased a one unti condo 2 months ago with cash. I was looking to finance the condo at first but my lender did not approve the condo questionnaire because one entity owns more than 15% and 45% condos are owned by the investors. Therefore I had to get a private loan from a friend to purchase the property. The value is $95k and I need to cash out $70k. Condo is in VA. Please advise ....

Thanks

Total Reply : 1

hi bhatti,

if you have equity in your condo, you will be able to refinance your existing mortgage. however, if the condo does not meet the required rules, then the lender will not be ready to give you a mortgage.

thanks

jameshogg

Posted on: 23rd Jan, 2011 06:17 pm

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