Looking for lender w/ out 6 mo cash out seasoning in St. Louis

[John Samuelson]

Thinking about trying out my first BRRR in St. Louis after purchasing some multi family with standard conventional loans to try and make my capital go a further. I've talked to a few local banks and a regional one about doing cash outs. This is what I've learned so far:

1. If I try to take a mortgage on a property that I buy in cash within 6 months its considered delayed financing, and I can only take a mortgage on the lesser of the money I put (cash plus repairs) or 70% (I do multi family) of the new ARV. Also it has to be all my money.

2. If I can plan on holding a property for at least 6 months, the lesser clause disappears and its a standard cash out of up to 70% of ARV. In this method I can use my cash or hard money.

Is their a certain type of loan I can ask for or type of bank that lets me do option 2 with either a shorter seasoning period or none? Or a bonus any one have recommendations for St. Louis banks :-)

In regards to BRRR, its seems as though I should be getting these deals vacant so I can start renovations quickly. In fact some of the hard money packages I've researched require it. The few really good off market deals I've come across are all occupied. Kinda a double edge sword... Just curious how others approach this. Reason I bring this up because it has a direct correlation to how low will take to complete strategy (also if I can use hard money), which maybe then the 6 month period isn't as important.

While this has been a great learning and networking moment talking to lenders letting them know who I am and what my intentions are I'd like to set my own expectations correctly.  Its also been fun to watch as I present different what if scenarios how little 2/3 bankers I talked know. They just sent all my questions to their underwriters.

Cheers.