Baltimore lenders- no seasoning refinance?

[Jeffrey Castellano]

Hey everyone! I am interested in implementing the BRRR method in Baltimore, MD and am wondering if there is a way that I can refinance sooner than 6 months seasoning? Also, does this seasoning period start when I close on the property or after a tenant has been place. If anyone knows of a lender in Baltimore that does not require seasoning at all or perhaps 3 months instead of 6 let me know! Thanks all!

[Greg Downey]

@Amanda Felton, no not hard money at all. This is how I would categorize lenders with some basic limiting underwriting factors:

Banks/credit units - long seasoning, GLOBAL DTI, rigid documentation, good/long-term rates

Tier 1 private money (institutional private money) - Short seasoning, property DTI, rigid doc, good/long-term rates (not as low as banks)

Tier 2 private money (institutional private money) - Short seasoning, NO DTI, asset based, moderate doc, higher long term rates

Tier 3 private money (institutional private money - bridge term lending, typically interest only type loans for 12-24 months. 

Hope that gives some insight. From my perspective, banks serve the purpose of lending on very stable properties, where velocity of money is not a factor at all. For tier 1 private money, you are getting something very similar to banks, but don't look at personal DTI and understand that velocity of money is VERY important to making money.