Cash out refi on new property?

[Jason Deangelis]

Hello everyone! Happy to say I am on my second investment property in 2 years. Bought this house in June and im 1/3 thru the renovation to get the house up to its full market value. Im using a mixture of cash, and a heloc on another home I own.

Im hoping to get some advice on obtaining a cash out refi as this will be my first. Questions about minimum time time frame, competitive lenders to look into, and anything else I might want to be aware of so I am prepared for the transition with grace will be very much appreciated. Thanks BP community!

[Robin Simon]

Can't speak for other lenders but the DSCR loan product is likely what would work best for your situation

A lot of the more conservative shops will require you to use your basis (purchase price plus documented improvements) as the value and limit you to 70% or so of that.  However, some lenders will stretch a little more and use an appraised value (which takes into account the greater value increase than sum of parts) but make you wait 6 months typically and have other requirements such as a minimum FICO.  Lowest available time frame I generally see is being able to cash out in 3 months