Refinancing a rental unit

[Al Johnson]

Hello BP family,

I have a potential rental unit that i am looking to purchase with cash from a bridge loan. I want to immediately refinance to a 30 year conventional. Is this possible within a month or so of purchase, or do i need to wait a specified period of time before a bank will originate a 30 yr? The property already has a tenant locked in for 2016... current purchase is at 85% of current market as-is, but there is room to make rehab improvements.... is what i am trying to do feasible within a 1-2 month turnaround from purchase to refi? 

Please help!

AJ

[Charlie Fitzgerald]

You can use delayed financing guidelines and get your cash out based on purchase price right away.  If you want to use new value for cash out, you are going to have to wait 6-12 months depending on your lender.  @Jerry Padillacan assist with this.