Strange Refi Option on a BRRR Property

[Nirav Mehta]

Recently bought an investment property in OH in cash rehabbed it and now looking to refi to get cash out

Got this weird offer from a mortgage wholesaler

7.5% no points 30 yr fixed for now

Then in 6 months zero cost refi ar 5.8% no points with a 30 year fixed they will put this in writing still waiting on the paperwork

Does even look legit? Never seen a refi structured like this? What question should I be asking the lender?

[Simmy Ahluwalia]

Run, don't walk, lol