Did You know that our wholesale lenders do not consider buying out another owner’s interest in a property as a cash-out transaction?
Cash-out refinancing on a property has been an issue lately due to COVID-19, primarily almost every lender has stopped lending on cash-out refinancing.
Our wholesale lenders do not consider buying out a partner or another owner of a property as cash-out refinance.
- BOTH Borrowers MUST have jointly owned the subject property for a minimum of 12 months and provide documentation to support this.
- All parties must have a signed agreement stating the terms of the property transfer the amount of the settled amount to the bought out party.
- The remaining party CANNOT receive any of the cash-out proceeds.
Contact our office if you have a similar situation and need assistance.