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Updated over 4 years ago on . Most recent reply

Account Closed
  • New to Real Estate
2
Votes |
3
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Lenders That Allow Refinancing Under 6 Months

Account Closed
  • New to Real Estate
Posted

Hi Bigger Pockets Community,

I'm a first time real estate investor looking to go in on my first BRRRR deal within the next few months. I'm starting to reach out to lenders and am having trouble finding one that will let me refinance a loan before 6 months. Is it possible to find a lender that will allow someone to take out a mortgage, renovate the home, then refinance the loan after you finish the renovation under 6 months?

Or is the only way to do a BRRRR by using hard money for the purchase, then getting a loan on the house once it has already been renovated for the new appraisal price?

Any help or suggestions are welcome! 

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Andrew Syrios
  • Residential Real Estate Investor
  • Kansas City, MO
4,941
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Andrew Syrios
  • Residential Real Estate Investor
  • Kansas City, MO
ModeratorReplied

We have several banks that allow for such refinances but they are all local community banks (we're in KC and I would be happy to give out recommendations for anyone interested). None of them started that way though. I think they all wanted a year, but then after we built a relationship with them, they started doing refinances at appraised value as soon as the properties were rehabbed and rented.

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