Looking to Refinance before 6 Months in Memphis, TN

[Armando Alvarez]

Hey All,

I'm needing a lender that will service in the Memphis, TN area.  I don't have a property yet - will be investing in single family homes - but want to have a lender lined up for the anticipated refinance before going forward with any deals. Do any of you have recommendations/referrals for lenders that have less than a 6 month seasoning period? I'll be paying cash for the purchase and rehab, and want to refinance afterward to pull out the investment (or as much as possible). Appreciate the feedback!

Thanks,

Armando

[Jerry Padilla]

@Armando Alvarez

A cash out refinance can be done prior to 6 months if cash is paid for the property with delayed financing. 

Delayed financing goes according to current appraised value. 

With delayed financing, you have the restriction of pulling out a max of the purchase price plus closing costs prior to 6 months. 

If you include on your closing statements (which vary state to state - HUD-1/ALTA statement ) the renovation costs - and have them charged at closing...... This renovation cost now becomes an initial closing cost and can be included with the max loan amount that you are able to pull out prior to 6 months. This is at the underwriters discretion so verifying with your lender ahead of time would be ideal.