Advice needed to free up capital and close a deal

[James M.]

Hello BP Community,

I could use some advice on my current situation.  I’m recently under contract on a duplex in Pinellas County, FL.  In order to close the deal (multiple offers), I had to offer to purchase in cash and shortened the closing to 20 days.  I have the cash so that is not the issue but I’d like to free up my capital for other deals I’m working on as well.  Ideally, I would secure financing by closing but would complete the transaction in cash if need be.  My non-qm broker said he wouldn’t be comfortable assuring me that he could close a dscr loan in about 18 days and I appreciate the honesty.  It’s a big reason why I am a client of his!  The terms I would get on a dscr (1.25) on a standard closing are 30 to 40yr, 6.25%, 25% down, 7k origination.

I could immediately refinance after closing but the lender would have to use the purchase price for LTV as opposed to the market price (I purchased the property about 50k-75k under market according to my data). In order to refi at market price, I would need to wait 6 months.

So my dilemma…are there dscr lenders (not hard or private money) who can close on financing in about 18 days at the above mentioned terms?   or alternatively, is there a dscr lender who can immediately refi at market rate as opposed to purchase price?  FYI purchase price is a hair over 500k and no rehab needed.  Turnkey to rent.  Credit score high 700s.  Thanks in advance!