Posted by John Corey on June 19, 2005 at 18:02:01:
You sound like you are new.
Lenders rarely allow cash back if they know what is going on. Hence
most of the ways to get cash back are a bit deceptive.
There are a few situations where a lender will allow cash back. That
normally means a non-traditional lender (hard money or otherwise)
and a property that has a very high value compared to the sale price.
As the property is the security for the loan you need to find a property
that will be worth more then the loan amount before the lender will
feel secure.
The lender does not want to be first in line if the property loses value.
They want your cash on the line before their cash is lost.
With all of that, what books have you been reading? Some of the more
creative ones can show you how to get cash back. It normally is not
coming from the lender (seller financing is involved in many cases).
John Corey
Chelsea Private Equity LLC