Looking for advice for best loan

[John Roberts]

Hi,

I have a small SFR (1/1) that I purchased for $14K cash. It was a total gut job (rewired everything, all new plumbing, new walls, etc). We now have roughly $55K in it (including purchase). We have only owned it for 4 months now. We are finished and it will be rented out in a few weeks.

What are our options to finance this house to get some (or all) of our cashback? Since we have only owned it for 4 months, I am not sure what our best options are. My credit score is 795. I have a W2 job and we also own a restaurant(my wife runs). We own 4 other SFR's that will be rehabbed and either sold or rented. We paid cash for everything and now we need some cash infusion into the business. We employ 3 guys that are doing most of the rehab work. We are subbing out roofs, plumbing, & electrical. Not sure what other information would be helpful.

Thanks,

John

[Sasha Mohammed]

Fannie/ Freddie would likely be your best bet due to loan size, however, they just moved to a 12 month cash-out seasoning requirement as of i think mid-March (for informational purposes for others reading). 

If you purchased about 4 months ago, you likely are grandfathered-in to the 6 month cash-out seasoning. 

It's a small one, so be prepared for a lot of "no's" just off the size alone. Private money is not a bad option either, and terms are whatever you can negotiate. Or, maybe you consider a cross-collateralization across your other properties as well?