Looking for Cashout Refinance Lender with No Seasoning

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Looking for Cashout Refinance Lender with No Seasoning

Bernard Burney
Member since 2023 · 2 posts · 3 votes

I'm closing a BRRR for the 2/2. I am seeking for a lender to refinance out of the HML once repairs are completed. Can anyone make any recommendations?

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Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2y

Full doc with good FICO and you have it leased, many mortgage bankers can do this.

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  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    2y
    Quote from @Bernard Burney:

    I'm closing a BRRR for the 2/2. I am seeking for a lender to refinance out of the HML once repairs are completed. Can anyone make any recommendations?

     @Bernard Burney   We have a no seasoning cash out program. 

    Hurst Real Estate, INC4.992 Reviews
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    1Reply
  • Caroline Gerardo
    Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
    2y

    Full doc with good FICO and you have it leased, many mortgage bankers can do this.

    1Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 676 votes
    2y
    Quote from @Bernard Burney:

    I'm closing a BRRR for the 2/2. I am seeking for a lender to refinance out of the HML once repairs are completed. Can anyone make any recommendations?


     Hi Bernard, what are you seeking? Cash out or rate and terms refinance?

    [email protected]860-538-3672
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    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y
    Quote from @Bernard Burney:

    I'm closing a BRRR for the 2/2. I am seeking for a lender to refinance out of the HML once repairs are completed. Can anyone make any recommendations?


     What is the actual "seasoning" - obviously "No" seasoning means literally 0 days between purchase and refinance?  The options are going to be very different primarily based on 3-month chunks:

    0-3 months seasoning

    3-6 months seasoning

    6-9 / 9-12 months seasoning

    12+ months seasoning

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  • Jason Taken
    Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
    2y

    No seasoning as long as there is rehab on the property is pretty easy. 

    0Reply
  • Joe Davis
    Lender · Houston, Tx. · Member since 2023 · 91 posts · 60 votes
    2y

    As others have said, programs exist that allow you a DSCR without "typical" seasoning. That generally falls within 90-120 days of ownership. If you need it quicker than that, my question is has work been put into the property? Is it leased? You might take a slight ding on the interest rate, so sometimes it's worth just looking at all the numbers and seeing if it's worth waiting or not. Most HML's are on at least a 6 month balloon so allow you ample time.

    0Reply
  • Brayden Hrycko
    Lender · Allentown, PA · Member since 2023 · 207 posts · 38 votes
    2y

    Hey @Bernard Burney,

    I work with several lenders that offer no seasoning. I would be happy to connect. 

    0Reply
  • Carrie Matuga
    Lender · Riverside, CA · Member since 2017 · 248 posts · 98 votes
    2y

    I can help you with no seasoning. Candidly your rates will be better if you have at least 90 days, but it can be done under that window provided the property is stabilized and rented at market rate. You'll also need the required reserve and minimum credit score of typically at least 660.

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Bernard Burney:

    I'm closing a BRRR for the 2/2. I am seeking for a lender to refinance out of the HML once repairs are completed. Can anyone make any recommendations?


     How much are you putting in renovations, what is the purchase price, and after repair value?

    [email protected]818-269-7983
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  • Khemraj Sarju Jr.
    Lender · Member since 2022 · 115 posts · 29 votes
    2y

    Our seasoning period is 30 days. This allows investors to scale faster as well with our wholesale rates. 

    0Reply
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