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321-239-2781NMLS # 1922428
321-239-2781NMLS # 1922428
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Cash-Out Refinance for Arizona Rental Investment Properties

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Cash-Out Refinance for Arizona Rental Investment Properties

On behalf of a New Jersey resident, we obtained cash-out refinancing for two of his rental investment properties in Arizona.  

For one of the Arizona properties, his terms included 75% loan-to-value (LTV) and a 5/1 adjustable-rate mortgage (ARM) over a 30-year term with the interest rate fixed at 7.125% for the first 5 years and adjusted annually thereafter.  

For his other Arizona property, his terms included 61% LTV and a 5/1 ARM over 30 years with the interest rate fixed at 6.75% for the first 5 years.  One of the challenges for this property was the appraisal showed a lower market value than anticipated due to a rotting roof over the patio. Despite the roof issue, we were still able to get this property approved for refinancing.

Our client plans to use the cash-out proceeds to acquire additional real estate overseas.

Skills

Posted on

February 29, 2020