Cash Out Refi Lenders After Full Gut Renovation Before 6 months

[Jason Berroa]

Hello BP colleagues,

Looking for some guidance/advice here. My sister recently purchased a 2 family home with a 5% down conventional financing loan on 9/8/2017 for 304k. She then proceeded with a full gut renovation which is projected to be completed mid-December 2017. When fully completed she is hoping to do a cash out refi to pay off the 1st mortgage plus the rehab funds invested in the home roughly 150k private financing. She will owner occupy the residence and rent out the other unit. A recently completely renovated home with similar specs (sisters is a bit smaller) just sold on the same street for 530k. If her home appraises at 500k at 90% LTV she would be in the clear. My concern for her is 1.) the so called seasoning period. Is this still in effect? If so, how long will she have to wait before a cash out re-fi? Also, are their any lenders out there who offer 90% LTV? Not looking for a specific Lender rather just want to be sure they exist. From what I understand most lenders only offer 80%LTV on cash out refi's or less.

I'd greatly appreciate any of your feedback in regards to what options/avenues she may pursue.

Thanks,

JB