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Cash-Out Refinance
A cash-out refinance offers a strategic financial maneuver for investors, allowing them to unlock the built-up equity in their property and receive a substantial lump sum of cash, which can be utilized to seize new investment prospects, fortify existing holdings, or address diverse financial needs with the flexibility and convenience that this method provides.
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Cash-Out Refinance Lending
Seeking additional funds? Have untapped equity in your investment property? Search no more; JK Creative Systems' Cash Out Refinance Program is the solution. Our program offers a swift, hassle-free, and dependable means to access cash from properties owned outright or to refinance an existing loan with added equity. These loans have no impact on your credit report and, therefore, do not affect your debt-to-income ratio. Leveraging the Cash Out Refinance Program empowers investors to secure optimal leverage at the most favorable rates available.
CASH-OUT REFINANCE
Cash-Out Refi Program Details
Interest Rate:
Rates Starting at 6.99%
DSCR (Debt Service Coverage Ratio:
Minimum DSCR of 1.1
Property Type:
Single Family and 2-4 Unit Multifamily
Limitations:
Minimum Seasoning of 6 Months Leased
Credit Score (FICO):
Minimum FICO of 680
Max Loan to Value:
Up to 75% LTV
Income Verification:
No Income Verification
Loan Term:
30 Year Fixed Rate Term
Frequently Asked Questions
1. How is a Cash-Out different from a Rate & Term refinance?
Essentially the two loans are one and the same. Both programs offer the same process, timeline close, and requirements, with the purpose being the greatest difference. Rate and term refinances are generally used to pay off an existing loan balance, while keeping the balance low and receiving a better rate. Cash-Out refinances are best utilized when there is existing equity (value) in the property.
2. What can I do with my proceeds?
What can't you do? Once the loan is complete, the money is yours to spend however you like. Many investors see the opportunity to cash out of a property as a major win! Some choose to acquire more rental units, focus on their next flip or new construction project, or even treat themselves to a well earned vacation.
3. Is this any different than a bank loan?
Our Cash-Out refinance program follow some of the same procedures and guidelines as your typical bank loan, sharing many of the advantages and very few of the disadvantages. Our refinances have a few distinct advantage including, but not limited to: the ability to close quickly (within 30 days). Our loans are also considered "light doc" with no tax returns or income statements required. Lastly, the fact that our loans are completed to an LLC / Corp that will never reflect on an individual's personal credit is a prime reason to work with us.
4. How long are these loans for?
As in our rental program, we have a variety of terms that will fit any investors needs. These range from 5/1, 7/1, and 10/1 ARM's (Adjustable Rate Mortgage) to a 30 Year Fixed Rate loan. In any case, the amortization schedule (how the loan is priced) is set to 30 years, ensuring the lowest possible payment.
5. Can I use my own appraiser for the valuation of my property?
We hire a vetted third party a MC or appraiser for all of our properties we are lending on. If you have a requested appraiser, we can get their license, examples of appraisals, and see if we can get them added on our list of approved appraisers for future appraisals.