How much cash can I pull out of a rental with a hard money loan?

Up to 65% of the as-is value on a 1st trust deed, and usually 60% combined on a 2nd, minus anything owed. On a free-and-clear $900,000 rental that is up to $585,000. On a rental with a $300,000 first, a 2nd trust deed of up to $240,000. Cross a second property to go higher.

Do I need to show income or tax returns?

No. MyBridge Loans underwrites on the property, the equity, and the exit. No income documentation, no minimum FICO, no seasoning on ownership.

Can I cash out on a rental that is listed for sale?

Yes. A completed property that is listed for sale is fine. The sale is the exit.

Cash-out hard money loan on a rental property

MyBridge Loans funds cash-out loans on rental and investment property in 26 states, up to 65% loan-to-value on a 1st trust deed and usually 60% combined on a 2nd. No income documentation, no minimum FICO, no seasoning. Same-day answer on any scenario. Typical funding in two weeks.

How much you can pull out

On a 1st trust deed: as-is value times 65%, minus what is owed. A free-and-clear rental worth $900,000 supports up to $585,000. On a 2nd trust deed: value times 60%, minus the first. A rental worth $900,000 with a $300,000 first mortgage supports a 2nd of up to $240,000, and the low-rate first stays in place. If you need more, cross-collateralize another property you own and the combined loan can exceed 100% of the subject property's value.

What the money can be used for

Business purpose: buying another property, a down payment, business capital, paying business or investment debt, taxes, or a partner buyout. Tell us the use of funds when you send the scenario. Personal-use cash-out on a primary residence is a consumer loan, which we broker in California only.

Terms

1st trust deeds 9.5% to 10.99% and up; 2nd trust deeds 11.99% to 12.99% and up. Interest-only payments. Usually 1.5 to 2 lender points plus broker, 3-year note, 3 to 6 month prepayment penalty. Loans from $100,000 to $4,000,000 and up. Underwriting $1,995, no processing fee, third-party appraisal, title, escrow and credit at cost. Exceptions available.

What we need to say yes

A completed property. Listed for sale is fine.
If there is a first mortgage, it is current with no lates in the last 12 months and no forbearance.
A business purpose for the funds.
An exit: sale, refinance, or a business event that pays the loan off.
Clean title, or liens that can be paid through escrow.

Funded examples

City and state only, no borrower information.

Beverly Hills, CA. $2,450,000 cash-out 1st trust deed on a single-family residence.
Magnolia, TX. $797,500 cash-out 1st trust deed on a single-family residence.
Orange, CA. $360,000 cash-out on a single-family residence.
Orange, CA. $288,000 cash-out on a condo.
Malibu, CA. $233,000 cash-out on a view property.
Westlake Village, CA. $500,000 2nd trust deed at 53% CLTV.

How to get a quote

Send the address, value, amount owed, loan amount, FICO, occupancy, use of funds, and exit to the scenario form, or call 949-463-9898. You get a yes, no, or what's missing the same day.