How fast can I refinance a purchase?

[Bryan Blancke]

I want to buy a home with private money. The seller will only accept a cash deal. How quickly can I go from closing a deal to refinancing this deal with a conventional bank mortgage? I want to pull out the cash to pay back the private lender asap. Is there anything I should do in advanced to expedite the process of pulling the private loan back out?

[Zack Karp]

@Bryan Blancke

1 day.  The day after you close, you can apply for a cash out refi as long as you paid cash and there is no lien against the property.  This is called Delayed Financing.  However you can only get 80% of the appraised value (if a SFD primary residence), not to exceed your initial cash investment, plus closing costs and prepaids.

Let me know if you have any specific questions for your scenario that I can help answer for you.