Texas No seasoning refi banks

[Brian Lauchner]

Has anyone ever used a bank/credit union with no seasoning requirements to get a loan for a rental? Meaning if I paid cash for a house this month can I get a Loan on it next month and pull my cash back out. Thanks!

[Michael Noto]

@Brian Lauchner  This is a strategy I have used multiple times up here in Connecticut & have helped others execute as well.

In my experience though the lender you refi with on the back end will want to see all of the rehab completed & the units fully rented. Loans in this area tend to be 70-75% ARV. The process for us usually takes 4-6 months from the time we purchase to the time the refi is closed out.

This is a very specific strategy that not many banks will refi on without 6-12 months of seasoning minimum.  To find the ones that will you have to get out there and search around, we called 30 or 40 banks until we found ones that do this type of loan.  We have had luck with local banks, even regional banks typically will not do loans like this without the seasoning.

Sounds like @Guy Gimenez has a good recommendation for you.  Maybe he just saved you from having to call 30 banks!