Looking for a No Seasoning Cash-out Refi Funding

[Sanat Bhandari]

Hi everyone - 

I bought a property last week using hard money. I anticipate the rehab to be done around mid-October and the property is already pre-leased starting in November at $1,450 per month. 

The main issue is in the refinance part of BRRRR. I'm having a hard time finding lenders willing to do a 75-80 LTV cash-out refi with no seasoning period. The best that I have so far from my current lender/broker is 3 months but I'm not keen on paying hard money interest for a couple of months if I can avoid that.

Is there any broker/lender that can originate a DSCR for me by the end of October/early November with no seasoning period? I'm okay with pre-payment penalties and paying a premium on the interest rate (the best DSCR rate I have seen so far in my situation is 8.5%). The property is in Omaha, NE.

PP: $120,000

Rehab: $18,000

ARV: $195,000 (a local bank in town appraised the ARV at $193,300 recently)

I'm looking to pull out $144,000 from the investment so about 75 LTV based on the ARV.

Please reach out to me if you work with a lender (or are the lender) that can provide such an option. I appreciate your help.

~ Sanat