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Updated over 8 years ago,

User Stats

30
Posts
40
Votes
Ryan Johnston
  • Investor
  • Garland, TX
40
Votes |
30
Posts

Cash-out refi on cash-purchased rehab in Texas

Ryan Johnston
  • Investor
  • Garland, TX
Posted

We buy distressed properties for cash and rehab, then after seasoning we cash out and redeploy the capital.  The lender we've been using is now requiring 12 months seasoning instead of 6 months as it was in the past.  Can anyone recommend a lender/broker who does 6 month cash outs, or sooner?  BTW, I'm not interested in the Fannie Mae program where you can get 70% of your PURCHASE price back at < 6 months - I need to get traditional financing where we recover 70% of APPRAISED value, as that's a big part of our equity play since we're buying distressed, rehabbing, then holding for rent.  Thanks!!!

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