Portfolio Loans with cash-out refi with no seasoning period?

[Ray Jansma]

I was wondering if anyone has a referral on any portfolio lenders that offer in-house(portfolio) loans that offer cash-out refinances of at least 70% LTV, AND have no title seasoning period like the standard FHA 6 month seasoning period. The house is located in Northwest Indiana.

I did locate a bank that covers the aforementioned and I was excited but they don't cover my property area. My situation is I purchased a duplex all cash at 40k, putting 35k into rehab, all in at 75k and looking to get it appraised at around 115-120k. Now, I have alot of my money tied up into the property because it's all cash. I really don't want to wait the 6 month seasoning period to finally get my cash back. I know it exists but was wondering who offers it. I dont want the "FHA delayed financing exemption" bc that only pays back the initial cost of the purchase of the house. I need the appraised value cashed out. I don't care if the portfolio rate is higher or even at a 15 year loan because I'm willing to close again with a conventional loan at a 30 year later on for a lower monthly payment. I just want my cash out sooner than waiting. Anyone know of any local bank in the Hammond Indiana area or northwest indiana that meet the above requirements? Thanks!

[Andrew Postell]

@Ray Jansma you can get your initial purchase price + closing costs that you used to purchase the home right now. You can do that day 1. Not every bank offers that. Some do have a 6 month overlay that restricts you from getting ANY money out in the first 6 months but you can absolutely get back your purchase money + closing costs right now. This is a CONVENTIONAL rule..FHA is for owner occupied properties only. I am assuming you are speaking about an investment property. Also, if you plan on doing this route in the near future it would be best to form an LLC and have the LLC lend a mortgage to you so you can refinance the full ARV next time around. If you have any questions on this process let me know. Hope this helps!