Refinance Rental Property Fast
Abbey Mortgage is a local private lender in Colorado that has helped hundreds of investors with their rental property refinance needs. Being a private lender gives us a lot of options to help our borrowers and makes us an especially great partner for Colorado real estate investors. Regulations do not impede us, and there is no red tape. Fast, easy to work with, and motivated to lend. What else do you want in an investment property lender? The bottom line is, we will get you the money you need — fast.
Call today to learn more or to set up a deal review or consultation with Robert!
Contact Us Today
Let’s work together! Once we receive your request, we will reach out to schedule a time to discuss your financial needs as an investor.
Easier to Deal With For Rental Refinance
Using Abbey Mortgage for your rental property refinance gives you several benefits over bank loans. This is because our lending requirements are much easier. This is because, as a private lender, we make all of our own lending decisions. If a deal makes sense we fund it!
- We loan against equity from one property or several.
- We are flexible, and we are faster than banks.
- We will often say yes when your bank or broker says no.
Cash Out Rental Property Refinance Loan for Colorado Investors
We’ve talked to hundreds of investors over the years, and one of the most common questions is, “Where can I refinance rental property to get some cash so I can invest in other properties?” You may be able to refinance and pull some cash out via a conventional mortgage if you fit the stringent criteria to get approved. Traditional lenders do not like loaning to investors with multiple mortgages. Once they start seeing more than three mortgages, they will quickly lose interest in lending money. On the other hand, that is what we want to see. Investors with experience and equity are exceptionally qualified to us.
Is it Hard to Pull Cash Out of my Rental Property?
Our Rental Property Refinance loans provide our clients with reliable financing and a simple and efficient loan approval process. Our rental property loans have already helped hundreds of smart investors take advantage of our growing rental property market. With competitive terms, rates, and loan-to-value (LTV) for similar loans, this is a great time to pull cash out of your existing rentals for almost any reason you need the money.
What Makes Abbey Mortgage Different When You Refinance Rental Property?
We know that you, as a real estate investor, will, at some point, need access to fast capital to operate. We are not a bank, and we have no interest in loaning money for 30 years. We make quick loans to investors with equity to leverage. If you are a real estate investor with rental properties, you should know how we can help and how we fit into the real estate investing world. By working with us, you get access to the funds you need when you need it. You can use one or several properties when you refinance rental property with us; you will not be limited to one loan for one property. We will loan money for many reasons, including renovations, new construction, or to have operating cash available. We also understand that time is critical. Please be assured that when you refinance rental property with us, we go out of our way to make the process quick and convenient.
Abbey Mortgage – Colorado’s #1 Private Lender
Abbey Mortgage & Investments has a wide range of experience in the real estate world and the world of lending. This real-life knowledge makes us a valuable partner for your real estate investing ventures. With extensive experience in Construction Management, Development, property zoning, credit, property investment, property management, and much more, Abbey Mortgage has funded complex financing from every angle. What this means is that we know the mistakes you should avoid before you ever even consider making them. We will work with you closely to ensure that your lending process is seamless.
Call Abbey Mortgage & Investments, Inc. at 970-532-4243 now or fill out this form for a No-Cost Investment Property Refinance Consultation.
Traditional Bank/Broker Requirements to Refinance Rental Property
Lenders know there is a higher default rate on investment property loans versus a home mortgage. They see this as especially true in the event of a financial crisis. Therefore, banks and brokers consider loans to refinance rental properties as higher-risk.
Most of the loans only allow for a maximum loan-to-value ratio of seventy-five percent, which means you need at least twenty-five percent equity. However, some lenders will refinance a property up to one hundred percent of its appraised value. For this to happen, the borrower will have to be impeccable, from the borrowers’ credit, their cash position, other property leveraged, and their overall experience and history.
Because of the high risk, rental property refinancing will also likely be more expensive concerning the interest rate and fees. As an example, you can expect investment property refinance interest rates to a half a point to a point higher than the interest rate they could get for their own home. If you don’t have excellent credit, you are not likely to get a low-interest rate.
Many lenders will approve a loan to refinance rental property if you have a good credit score, at least 670. However, excellent credit, 740 or higher, will get you the best rates possible.
Income also matters. When it comes to overall income, sometimes rental income may not help. Lenders are often leery of revenue from rent unless you are an established property owner. If you want to increase your approval odds, you should have six months’ worth of reserves, or in other words, six months of payments set aside in your bank. By demonstrating cash reserves, your lender will believe that you will stay current, even if your property becomes vacant.
The last thing to consider is your debt-to-income ratio. Lenders will want to verify that you are not overextended or taking on too much debt. Your lender will evaluate your monthly debt versus your monthly income to determine your “debt to income” ratio or DTI. If you have a high ration, your approval odds are slim.