Cash Out Refinance Hard Money Loans
Leverage your investment property’s equity.
For real estate investors, quick access to financing is incredibly important. ABL’s cash out and refinance loan program is an attractive option for real estate investors looking to leverage the equity in their property to finance additional business activities.
Our expedited underwriting process and professional processing team boasts an average close time of 10 days, with a record of just 48 hours. While all deals are unique, ABL typically lends up to 75% of the appraised value of the property for a refinance and cash out hard money loan.
Looking for long term cash out refinance loans for investment properties instead?
We’ve developed a program that allows buy and hold investors to cash out and refinance their investment properties from rates as low as 10%. There is no “one size fits all” scenario, so we work to find you the best loan for your situation.
With available interest rates from 10%–15% and LTVs as high as 67.5%, our suite of refinance loans is as competitive as you’ll find in today’s market.
Hassle-free refinance and cash out hard money loans
| Experience | Credit Score Minimum | Interest Rate | Points | Advance Rate On Rehab | LTV | Property Types | Pre-Pay Penalty | Extensions | Blanket Loans | Loan Size | Loan Terms |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Any | 680 | 10%-15% | 0%-2% | 100% | Up To 67.5% | Single Family, Multi Family, Mixed Use | No | Available | Yes | $100K - $3.5M | 12 Months |
Closing Speed
Underwriting Flexibility
Competitive Rates
ABL funds cash out and refinance loans at interest rates of 10%–15% and 0-2 points, and repeat borrowers receive preferred pricing. Loan amounts range from $75,000 to $2,000,000.
Looking For Long Term Cash Out/Refinances Starting At 10%?
Check Out Our Long Term Loans For Investment Properties.
Recent Cash Out And Rehabilitation Case Study
Loan Amount: $248,000
Sale Price: $365,000
After only a few short months of rehabbing, our investors were able to turn this run down property into someone’s dream home! In just six months, the house was sold for a significant profit and their loan was paid off – with no prepayment penalty! View Full Case Study →
What is a Cash Out Refinance Hard Money Loan?
Cash out and refinance loans on residential, multi-family and mixed use investment properties are a common loan scenario for investors looking to capitalize on equity from an existing property. These funds can be used for a variety of purposes including purchasing another property, paying down debts, and even covering the costs of renovations or upgrades.
A cash out and refinance hard money loan through a hard money lender like Asset Based Lending replaces the first mortgage on a property and takes first position. If the property is owned free and clear, the cash out loan amount may be as much as 75% of the as-is value of the property. If there is a mortgage on the property, the loan amount is still based on the property’s value, but the proceeds would have to be enough to take out the existing mortgage and still provide the additional funds desired.
For a standard cash out and refinance, the loan amount is calculated by looking at the value of the property in its current condition. If the property was purchased recently, and the purpose of the loan is to fund renovations needed to then sell the property, ABL may develop a hybrid cash out and rehabilitation loan similar to our fix and flip loan product.
What are the Benefits of a Hard Money Refinance & Cash Out Loan?
With traditional lenders limited to strict underwriting parameters, it may be hard for an investor with no proof of income or bad credit to get funded. Asset Based Lending can help!
Our underwriting guidelines focus on equity over borrower financials, giving our clients the liquidity needed for their individual demands. With interest rates from 9% to 10%, lower than most credit card rates, our hard money cash out & refinance program is a great option for the real estate investor in need.
Any seasoned investor knows just how crucial a quick close can be. At Asset Based Lending, we have closed loans in as little as 48 hours and have an average close time of ten days, unlike a conventional mortgage loan which takes a minimum of 60 days to close.
How Do I Get A Hard Money Loan For Cash Out And Refinance?
The process of securing a hard money cash out & refinance loan is much different than that of a traditional refinance. Unlike a conventional loan, which requires a significant amount of paperwork, a hard money cash out & refinance requires minimal documentation. Once you have completed the loan application, the loan officer and underwriter will review the deal with you and order an appraisal if the deal fits. From that point, ABL issues a written term sheet that outlines all the loan’s details so there are never any hidden fees. The loan then moves to processing where the few required documents are collected, and ultimately the loan is closed by an attorney.
