Cash-out is a proceeds question, not a slogan. The existing note, the prepay, the new loan amount, and what the rent roll will support decide whether any cash comes out. Capital Market Funds originates that request to Fannie Mae or Freddie Mac for multifamily that fits, HUD 223(f) when the program fits, life company or CMBS for commercial property, and a bank when the hold should stay on a portfolio. We are not a Fannie Mae DUS lender. If the only way to manufacture proceeds is to ignore the lease roll, we will say the file is not a cash-out.
Three published originations are labeled cash-out. Tempe: single-tenant dental and medical office, $745,000, 2022. Phoenix: Harvard Court multifamily, $1,350,000, 2022. Phoenix: dual-tenant industrial, about 90,000 square feet, $5,000,000, life company, permanent cash-out, 2019. All three are prior-firm originations. The Scottsdale Airpark flex loan is a permanent refinance, not a cash-out, so it is not listed here.
The statewide refinance page covers rate-and-term and cash-out together. This page is only the cash-out request. A cash-out is not a line of credit, and the form is not an application.
Sources for an Arizona cash-out
- Life company
The Phoenix industrial cash-out was a life-company origination.
- Fannie Mae
Multifamily cash-out where the program allows. Not a DUS lender. Harvard Court is not labeled Fannie Mae.
- Bank and credit union
A smaller cash-out, including the kind of single-tenant medical file published in Tempe.
- CMBS
Cash-out proceeds life company or bank will not underwrite.
- All Arizona refinances
Rate-and-term and cash-out together, including the Airpark refinance.