Cash-Out Refinance on a Free-and-Clear Investment Property in Maryland
Own a Maryland rental or investment property free and clear? If it’s vacant or not yet rented, a bridge cash-out goes up to 60–65% of value, with an inspection instead of an appraisal, no minimum FICO and no tax returns. If it’s rented, a DSCR cash-out goes up to 70% of the appraised value and qualifies on the rent, with no tax returns, W-2s or debt-to-income ratio. Written approval in 24 hours from a direct lender using its own capital, lending since 2007.
Photo: Bohemian Baltimore, CC BY-SA 4.0, cropped
We Closed This Exact Loan in Hyattsville
Can a property with no mortgage, and sometimes no tenant, be refinanced for cash? Yes. Here is one we funded.
- Closed in
- 7 days
- Property
- Vacant, owned free and clear
- Underwritten on
- Property value
The owner held the property free and clear, and it was sitting vacant. We lent on the property’s value and closed the cash-out refinance in 7 days.
Details limited to protect borrower privacy. See all recently funded loans.
Vacant or Rented: Which Cash-Out Fits
Both are business-purpose loans on non-owner-occupied investment property. The difference is whether the property has rent to qualify on.
Vacant or not rented: bridge cash-out
Sized on the property’s value and your exit, not on rent.
- Up to 60–65% of the property’s value, with a clear exit
- Loans from $50,000 to $2M; larger loans case by case
- Rates from 10.49% to 12.99%, subject to underwriting. Points are quoted per deal on the written term sheet
- No appraisal: we inspect the property instead
- No minimum FICO. No tax returns and no debt-to-income ratio
- No prepayment penalty; a 3-month minimum interest applies
- Clean residential files close in as little as 3 business days
Rented: DSCR cash-out
A long-term rental loan that qualifies on the property’s rent.
- Up to 70% of the appraised value on a cash-out
- Qualifies on the rent, with no tax returns, W-2s or debt-to-income ratio
- Loans up to $3M
- An appraisal is required
- Credit score of 640+ on most programs
- Clean files close in about 14 to 21 days
The two paths work together
Take a bridge cash-out on the vacant property now, put a tenant in, then refinance into our DSCR rental loan once it is rented. Selling the property also pays off the bridge loan.
From First Call to Cash in Hand
The people who approve your loan are the people who fund it, so there is no outside lender to wait on.
1. Send the property
Tell us the address, whether it is vacant or rented, and how much cash you want to take out.
2. Written approval in 24 hours
You get a written approval within 24 hours, so you know where you stand before you spend anything on the deal.
3. Inspection or appraisal
On a bridge cash-out we inspect the property; there is no appraisal. A DSCR cash-out uses an appraisal.
4. Close
Clean bridge files can close in as little as 3 business days. DSCR cash-outs take about 14 to 21 days.
How Much Cash Can You Pull Out?
Here is what our maximum leverage looks like on a Maryland investment property worth $400,000 and owned free and clear.
- Property value
- $400,000, owned free and clear
- Bridge cash-out at 60%
- $240,000
- Bridge cash-out at 65%
- $260,000
- DSCR cash-out at 70%
- $280,000
Illustrative only, using our maximum ratios. Not a real deal and not a quote. Amounts are before closing costs, and every loan is subject to underwriting. The bridge value comes from our own inspection and valuation; the DSCR value comes from the appraisal.
Who This Loan Is For, and Who It Isn’t
A good fit
- Investors who own a Maryland rental or flip property free and clear
- Owners whose property is vacant between tenants or not yet rented
- Investors pulling equity to fund the next purchase or renovation
Not a fit
- A home you live in, or plan to live in
- A home a family member lives in
- Personal-use cash-out on any owner-occupied home
We make business-purpose loans on investment property only, meaning rentals or flips. We never lend on owner-occupied homes.
Where We Make Cash-Out Loans
We lend throughout the Washington DC metro area: Washington DC, Maryland and Northern Virginia. Surrounding neighborhoods are considered case by case. Baltimore County and Baltimore City are separate jurisdictions, and we do not lend in Baltimore City.
Maryland county guides
Prince George's County · Montgomery County · Charles County · Anne Arundel County · Baltimore County · All of Maryland
What to Send Us
- The property address and your estimate of its value
- Whether it is vacant or rented, and the lease and rent if it is rented
- How much cash you want to take out and what it is for
- Your exit: refinance into a rental loan, or sell
- The name you hold title in, personally or through an LLC
Related: Maryland hard money loans, bridge loans, DSCR rental loans, Maryland fix and flip loans and loans with no appraisal.
Maryland Free-and-Clear Cash-Out Questions
Can I get a cash-out refinance on a vacant property I own free and clear in Maryland?
How much cash can I pull out of a free-and-clear property?
What do you qualify the loan on?
Is there an appraisal?
How fast can you close?
Can I use this loan on a home I or a family member live in?
Can I get a loan after a bankruptcy or foreclosure?
Own a Maryland Property Free and Clear?
Tell us whether it’s vacant or rented and how much you want to take out. Written approval within 24 hours.