Steps to Refinance Your Florida Investment Rental Property Made Easy
Posted by digiadmin on September 10, 2021
Millions of investors have been stuck with properties that are not making any income due to rent restrictions. Sadly this has hurt many Florida rental property owners as well as hurting their income. We are happy that our team at A H L Money Network has a line of programs offered by our hard and private money investors giving investors access to pull cash out of their Florida rental and income-producing properties. If you're a landlord in Florida and need a way to get cash out of your rental property, don't trust the banks. Give us a chance and let us fund your Florida cash out investment property loan today.
What is a Florida Investment Property Cash Out Refinance:
If you own a rental property in Florida such at a condo, multi-family home, apartment, mixed-use property or vacation property, or a single-family home we can help you get the cash out you need. You will be allowed to pull cash out of your Florida rental real estate based on the equity in the rental property. We allow up to 65% LTV of the value of the property. Loan amounts as low as $35,000 (which is the lowest in the state of Florida) as high as up to 2 million dollars, case-by-case. Self-employed borrowers are okay and the process on a Florida rental property cash out refinance is around two weeks to close.
How to Get a Florida Rental Cash Out Refinance Loan:
You need to own a piece of Florida rental property free and clear: own outright, no mortgage on the condo, townhome, investment property, vacation home, or single-family residence. Once you reach out to us, we will put you in contact with our network of private investors. They will go inspect your rental property and determine a value. You will submit income (if self-employed bank statements), title will be ordered, and appraisal will be ordered. Usually the process will take up to two weeks. Allow us this time to review and evaluate your properties.
Why Does An Investor Need the Cash Out of Their Florida Rental Property.
To purchase more investment properties. You want to add to your current portfolio rental properties and add to the existing group of homes your already own to add more income to you cashflow.
You want to make improvements to your current group of homes to increase the value and be able to increase the rent. Adding a new roof, new bathroom, updating a kitchen, cabinets or adding a bedroom will allow you to to charge more rent and increase the value of your property. So adding value to your rental property and making more income is certainly a good goal for every rental property owner in Florida.
You need cash to pay property taxes. Since many landlords are not getting rent due to COVID restrictions, they have to pull cash out to cover the property taxes of their rental properties.
You need money for medical reasons, to purchase equipment, to add cash reserves, to purchase another single family home, make payroll, pay off IRS liens. Whatever the reason, use the cash out for your specific need.
Guidelines on Your Florida Rental Property
Loan Amounts. We allow loan amounts of $35,000 to $2,000,000. Most hard and private money investors will not consider a rental or investment property loan under $50k. We at A H L Hard Money Network will go lower than anyone else in the state.
Loan To Values up to 65%. Our underwriters and private money investors will allow you to borrow up to 65% on the value of your investor rental properties. This is a great loan to value for rentals.
Self-Employed Rental Property Owners: No Problem. We will allow you to use your personal and business bank statements. The banks will not allow you to do this.
No Limit on the Number of Properties You Can Own. We will allow you to use or blanket several of your Florida investment properties and do a blanket loan and even allow an LLC. We will release properties as you pay down on your investor blanket loan.
No Credit Scores Required. Only the equity in your free and clear Florida rental property. Banks would require a 650 or above score; however, no score is required by our underwriting team, only the equity in your Florida investment properties.
Close in Your Name or LLC.
Debt to Income Ratio. Our underwriters will look at the amount of income vs debt and make sure your properties are income-producing and that you can make the loan payment.
Must keep insurance, pay the property taxes timely on the loan, and keep the properties and their curb appeal in great condition.
These are very simple requirements and basic compared to a 60 to 90 loan process that a bank would require. If you need a Florida cash out refinance on your vacation or rental property, please call the A H L Hard Money Network today at 813-516-5210. Closing times usually 21 days or less. Easy, fast, simple we feel. Our simplicity and easy underwriting process will give you peace of mind and allow you to rest easy!
To get started, fill out this online form with your information. One of our team members will contact you shortly!
We do not issue approvals. We are a marketing and lead portal. You will be contacted directly by our private investors. They will call you directly to determine the value and equity in your home and to help you throughout the approval process. Each inquiry is on a case by case basis. Thank you.