Cash-Out REFI of Atlanta Property

[Joe Roberts]

I'm in the middle of a BRRRR on a property in Lithia Springs, GA, just west of Atlanta. The renovations will be done in a couple weeks and it should be rented out beginning of August.

I purchased the property in June and I with all the marketplace uncertainty and the great rates I would like to find a lender who will do a cash-out refi without the Fannie/Freddie 6-month seasoning period.

Does anyone have a local lender in the Atlanta or Douglasville area that does this kind of lending? Or any national lenders that do?

What I am looking for:

75% or 80% LTV based off appraised value

25 or 30 yr amortization

No 6-month seasoning

[Zach Westerfield]

You are correct. A delayed finance does not include rehab costs. I was confused because it used to be allowed (or either the banks got away with it) so I was in-fact able to include rehab costs in my delayed finance, but that has been shut down.

One last option, on a recent podcast Brandon turner mentioned he will find a private lender to act as a “bridge lender”. He will secure a loan from them for the amount he has invested to get his cash back to work, then wait the six month seasoning period to refi and pay the investor back. It’s a very safe investment for the private money lender