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Updated almost 9 years ago, 12/11/2015
Cash out refi before 6 months in Michigan?
I have recently purchased two properties, one of which is rehabbed and has a renter in line to move in. The other has not started rehab yet but will soon. Both properties are owned outright with no mortgage or liens.
I am trying to implement an aggressive growth plan but most of my cash is tied up in those properties and I am wondering if anyone knows of a lender in Michigan that will do cash out refi's prior to the 6 month seasoning period?
I am aware of the delayed financing option but I am looking for someone that will pull out 65-75% of the ARV on my properties after they are rehabbed.