New York Lender with no Refinancing period?

[Kaja Baum]

Hey everyone! Running into a snag with financing we’d love some help with.

My fiancé and I are Brrrring in Buffalo NY and realizing the 6 month seasoning period most banks have is far too long to have all our cash tied up.

Does anyone know of a lender (besides Alden State Bank) in state or nationally that can do rehab loans without the 6 month seasoning for refinance? Is there another way besides expensive hard money?

Thanks so much!

[Timothy Smith]

@Kaja Baum, I'm happy to report to you that that's not how ASB construction loan works!! The reconstruction loan through ASB is a "one stop shop" so to speak. They appraise your property based on ARV, taking into consideration your scope of work. So, you know your ARV from the beginning. The downside is your only way to add value is aggressive appreciation. After your final construction draw, the loan converts to a permanent mortgage with no additional closing costs. No seasoning period as it doesn't apply.

I've done several of these with ASB and would be happy to talk offline if you would like. Just shoot me a message.