Any DE/PA based lenders who doesn't require seasoning time?

[Kiran Kumar]

My Dear BiggerPocket Friends - I am a real estate investor, focused on forced appreciated rental properties (aka BRRRR strategy) located in Delaware. I been involved in this business from last two and half years and acquired 5 properties so far.

I constantly stuck with the 6 months seasoning time even though my rehab work done in a month and ready for refinancing.

Appreciate if you can share some lender contacts or ideas to avoid seasoning time. Thank you.

[Blaine Brown]

Hello @Kiran Kumar. I accomplish this fairly often in Delaware, although none of my properties are in New Castle county as I own everything in Kent and Sussex. The credit union I work with can only do a 5/1 ARM at a 25 year amortization but they have no seasoning and lend on appraised value vs purchase. Also I don't interact with the credit union at all rather a relationship manager. Fees are good and rates are reasonable. It can really accelerate your capital. Fastest I've completed one of these things is 40 days from initial purchase to cash out refi. Bought the house for 30k and did a small amount of work that I could with tenant in place and then placed a 60k loan on it. House appraised for 140k so I accessed the rest via a HELOC from a separate credit union that goes up to 80% ARV. Can dip into the cashflow when I need the capital. Houses are owned by my LLC so that wasn't an issue either. Shoot me a message and I'll get you both contact info. There are stipulations to become a member but it may be worth the talk. Now that I'm a member they dont care where I buy houses as I've also purchased out of state and accomplished the same task. Hope this helps.