Huntsville: finding lenders with non-conventional loan products

[Mathieu Baker]

Hey all - looking to see if anyone in Huntsville AL (or nearby) has had any success finding lenders who are a little bit unconventional. I've got a property rented out that is still "seasoning", but I really want to yank the cash out now w/ a refinance and also lock in the rate while they are so low, but conventional loans don't allow this until 6 months of rent is proved out. Does anyone have a lender they use that can bend this rule? I am thinking I want some kind of portfolio loan where the lender isn't just selling the loan off to the secondary market. I don't know what I don't know here - so any help is much appreciated!

It's also not a requirement that the lender is based in Huntsville, I just figured most lenders for something like this would be a local player typically. 

[George Despotopoulos]

@Mathieu Baker -- there are non-bank lenders that can do 75% LTV cash-outs @ the 3 month mark. Rates are in the 4.875% - 5.875% range for most on a 30 year fixed, with a 3-5 year prepayment penalty. I don't work in the traditional financing space, but of course realize that terms offered there are a bit more attractive. But with banks tightening up on what they can/will do w/ investment property financing & rates seemingly on the way up, it's good to talk to a non-bank lender (can be referred to as a private lender as well, typically some people call a private lender someone who does short-term financing in their direct market) and get a quote. If the DSCR is strong at the LTV & rate you're seeing from the non-bank lender, then it may be worth it to get cash now (at what may be a lower rate from 3-6 months down the line) and have the liquidity to pursue any other deals. While rates rising are problematic and could add to your FOMO, I think more opportunities will be popping up while that happens and having cash on hand will be beneficial.