Cash Out Refinance on Full Cash Purchases

San Antonio, Texas
Mortgage Brokers & Lenders
3yFollow

Cash Out Refinance on Full Cash Purchases

Ray Winner
Member since 2023 · 2 posts · 0 votes

Hi,

Does anyone have advice on connecting with lenders that offer cash out refinances for SFHs bought with cash in the SA/Houston/Austin area? Looking for both primary residence and investor loans.

0Reply
16 views

Most Popular Reply

Devin PetersonBusiness Member
Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
3y

For investment products, you should utilize a DSCR loan. 90 Seasoning requirements for cash outs with some lenders out there.

[email protected]860-538-3672
ProAlpha Capital56 Reviews
WebsiteView Page
1Reply
See this reply in the discussion

12 Replies

Jump to latestLatest
  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    3y

    Are the properties being rehabbed and are you looking to pull based on the purchase price or ARV?

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
    View Page
    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    3y

    For investment products, you should utilize a DSCR loan. 90 Seasoning requirements for cash outs with some lenders out there.

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
    1Reply
  • Jack Tulloch
    Lender · Austin, TX · Member since 2022 · 473 posts · 586 votes
    3y

    I agree with Devin - DSCR may be a good option. Even if under 3 months seasoning, most lenders will allow you to do a "cash-out refi" based off the purchase price. Ex: purchased for 100k, you can pull out 75% of the 100k (75k) with no seasoning requirement (lender dependent). If wanting use new appraised value then 90 days will be minimum time that must elapse.

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Ray Winner:

    Hi,

    Does anyone have advice on connecting with lenders that offer cash out refinances for SFHs bought with cash in the SA/Houston/Austin area? Looking for both primary residence and investor loans.


     Hey Ray, 

    If you are looking to refi right away, you can do a delayed purchase refinance. You will be limited to 75% of the purchase price + rehab cost. If you wish to refinance off the new appraised value, you may do so after at least 90 days. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Trevor Schmitt
    Rental Property Investor · Fargo, ND · Member since 2017 · 129 posts · 107 votes
    3y

    Speak to as many lenders in the area as possible... talk to local banks, big banks, mortgage brokers, credit unions... 

    There is nothing hurt by shopping for a loan. After have a dozen conversations it will become clear what your best option will be. 

    1Reply
  • Ray Winner
    OP
    Member since 2023 · 2 posts · 0 votes
    3y
    Quote from @Brittany Minocchi:

    Are the properties being rehabbed and are you looking to pull based on the purchase price or ARV?


    I would be looking to pull out based on the ARV not purchase price.

    0Reply
  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    3y
    Quote from @Ray Winner:
    Quote from @Brittany Minocchi:

    Are the properties being rehabbed and are you looking to pull based on the purchase price or ARV?


    I would be looking to pull out based on the ARV not purchase price.

    I know of one lender who doesn’t have a seasoning requirement if you have a good paper trail of the rehab you’ve completed, but rates are usually higher than if you were to wait 90+ days. 
    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
    View Page
    0Reply
  • Romie GrahamPro Member
    Cleveland, OH · Member since 2020 · 20 posts · 16 votes
    3y

    @Jack Tulloch do you by chance know of any lenders doing the DSCR loan? I just hit my 90 day and looking to do a cash-out refi off the ARV?

    0Reply
  • Ethan Gidcumb
    Lender · San Diego, CA · Member since 2022 · 130 posts · 75 votes
    3y

    Hey Ray! When it comes to finding a lender, you have a ton of options. You could either find somebody local to your market, or a nationwide lender. It's most important that they have your best interests and understand your situation best.

    1Reply
  • Ethan Gidcumb
    Lender · San Diego, CA · Member since 2022 · 130 posts · 75 votes
    3y
    Quote from @Romie Graham:

    @Jack Tulloch do you by chance know of any lenders doing the DSCR loan? I just hit my 90 day and looking to do a cash-out refi off the ARV?


    I can help you with a DSCR Romie

    1Reply
  • Anthony Rega
    Lender · Greater NYC Area · Member since 2023 · 18 posts · 1 vote
    3y

    You can do a refinance instantly off the purchase price.  Let me know if you need help.  

    0Reply
  • Zach Wain
    Scottsdale, AZ · Member since 2019 · 434 posts · 248 votes
    3y

    @Ray Winner - The term is "delayed financing" and most lenders can handle this type of refinance transaction.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free