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Updated about 9 years ago on . Most recent reply

User Stats

21
Posts
1
Votes
Jimmy P.
  • Rehabber
  • Battle Creek , MI
1
Votes |
21
Posts

Cash out refi before 6 months in Michigan?

Jimmy P.
  • Rehabber
  • Battle Creek , MI
Posted
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.

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