Refi on a BRRR. Need lender

[George Rodriguez]

Does anyone know a lender that would refi a property out of hard money loan without any income verification from me. I ask because my DTI is too high to qualify. I think I've heard of lenders who only care that the house is rented for more than the mortgage payment. Is this true?

[Nghi Le]

@George Rodriguez Yup, those lenders definitely exist.  What Stephanie is saying (about waiting 6 months) is true, but that's only if you want to pull out cash-out. If you're just paying off the hard money lender, there's usually no waiting period.

@Stephanie P. We've never required seasoning for cash-out, before or after (the onset of) COVID, as long as there is a lease in place.  However, I'm not entirely happy about where rates are at for these asset-based products right now.  Pre-COVID, they used to align with conventional rates pretty well, maybe only 50-100bps higher.  Nowadays that gap is so much wider (up to 300 bps).  But we're seeing a downward trend and believe rates will easily be in the 5's this month.