Cash-Out Refinance Loans
About Cash-Out Refinance Lending
Do you need money? Do you have extra value in a property investment? You should check out Fast REI Loan’s Cash-out Refinance Program. It’s an easy and quick way to get money from your property by either using the value that’s already there or by getting a new loan and adding more value. This process won’t hurt your credit score, and you can get a better interest rate.
Cash-Out Refinance Loan Details
Interest Rate:
Rates Starting at 7.49%
Credit Score (FICO):
Minimum FICO of 680
DSCR (Debt Service Coverage Ratio):
Minimum DSCR of 1.1
Seasoning Requirement:
Minimum Seasoning of 6 Months Leased
Max Loan to Value:
Up to 75% LTV
Property Type:
Single Family and 2-4 Unit Multi-family
Loan Term:
30-year Fixed Rate
Income Verification:
No Income Verification
Frequently Asked Questions
The two loans are very similar. They have the same process, timeline and requirements, but have different purposes. Rate & Term Refinances are used to pay off an existing loan balance while receiving a better rate. Cash-Out Refinances are used when the property has existing equity.
After you get the loan, you can use the money for whatever you want. Some people choose to sell their property to get cash and buy more rental properties, start new building projects or go on vacation with the money they earned.
Fast REI Loan has a Cash-Out Refinance Program that works like a bank loan but better. We can close the loan within 30 days, and we do not need tax returns or income statements. Plus, the loan is completed under an LLC/Corp, which won’t appear on your personal credit.
We offer different loan options that will fit our customers’ needs. These include 5/1, 7/1, and 10/1 adjustable-rate mortgages (ARMs), as well as a 30-year fixed-rate loan. Regardless of the chosen loan option, the payment plan is spread over 30 years, which means lower payments.