Looking to refinance quicker (BRRRR)

[John Lopez]

Greetings, 

I am about to begin a BRRRR project. I am closing with a cash purchase and I expect to complete the renovations and have the unit rented within 60 days.

My current lender will do a cash out refinance 6 months after purchase (with a conventional 30-year), but I've heard of some banks being able to do that a little quicker.  Does anyone know of any finance options that get my cash out quicker?  The home is located in the Charlotte, NC market. 

Thanks,

John    

[Patsy Waldron]

If you bought and rehabbed all cash (i.e. didn't take out a loan) you can use the "delayed financing exception" to refinance sooner than 6 months. Look into it- it's quite common. If your lender doesn't know about it or do it, call other banks.