Delayed Financing/cash out refi lenders for Memphis SFR

[Chris Ross]

Hello, I'm going to be closing on my first SFR investment property soon via an all cash deal. After closing I'd like to do a delayed finance to use the cash for a second property. The property is in Memphis TN. I am open to any lender recommendations from those that have done the same. My thoughts are to wait until the May timeframe since I believe rates will drop a bit by then and I'll still be within the 6 month threshold for a delayed finance transaction. Is there a difference between a delayed finance or a cash out refi? They are ultimately the same thing but I know that many lenders require seasoning. Would I be better off waiting until the 6 month mark or later to do the refi? Is there a difference in rates or process? I don't have my second property picked out yet but will work with a turnkey provider once I have the funds. Any recommendations are appreciated. Thanks

[Chris Ross]

Quote from @Jordan Ray:

Quote from @Chris Ross:

Hello, I'm going to be closing on my first SFR investment property soon via an all cash deal. After closing I'd like to do a delayed finance to use the cash for a second property. The property is in Memphis TN. I am open to any lender recommendations from those that have done the same. My thoughts are to wait until the May timeframe since I believe rates will drop a bit by then and I'll still be within the 6 month threshold for a delayed finance transaction. Is there a difference between a delayed finance or a cash out refi? They are ultimately the same thing but I know that many lenders require seasoning. Would I be better off waiting until the 6 month mark or later to do the refi? Is there a difference in rates or process? I don't have my second property picked out yet but will work with a turnkey provider once I have the funds. Any recommendations are appreciated. Thanks

Have you looked into just doing a "rate & term" refinance until you can pull cash out after the 6 month seasoning?

 Thanks Jordan, that is a good idea.  I will look into a rate and term refinance.   I am paying cash for the the turnkey home and am trying to figure out the best time to pull out cash to buy a second property.  My thoughts are to wait until the next interest rate drop.   But I’ll look into rate and term. Thanks