Florida Banks that Cash Out Refi in Less Than 6 Months

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Florida Banks that Cash Out Refi in Less Than 6 Months

Renee Yourk
Acton, MA · Member since 2018 · 8 posts · 3 votes

Hello BP Forum!  I'm a newbie investor (have three investment properties).  I purchased a new construction in Palm Bay, FL for $220k but other similar homes from this same builder have been appraising in the $240-250k range.  I am thinking of paying cash and then financing so that I get back more cash to reinvest.  So do you think this is good idea?  If so do you know of any banks that have a quicker than 6 months seasoning period. 

Renee
 

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Melvin ListBusiness Member
Lender · Tampa, FL · Member since 2016 · 1k+ posts · 381 votes
5y

@Renee Yourk yes if you pay with all cash you can use the Delayed Financing Program and re coop the majority of the investment with out the 6 month seasoning rule

C2 Financial
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  • Sabrina Akhavan
    Member since 2019 · 2 posts · 2 votes
    5y

    Tropical financial credit union. Ask for Robert Bonnet.

    2Reply
  • Melvin ListBusiness Member
    Lender · Tampa, FL · Member since 2016 · 1k+ posts · 381 votes
    5y

    @Renee Yourk yes if you pay with all cash you can use the Delayed Financing Program and re coop the majority of the investment with out the 6 month seasoning rule

    C2 Financial
    WebsiteView Page
    4Reply
  • Shawnette Pankey
    Altamonte Springs, FL · Member since 2017 · 24 posts · 14 votes
    5y
    Originally posted by @Renee Yourk:

    Hello BP Forum!  I'm a newbie investor (have three investment properties).  I purchased a new construction in Palm Bay, FL for $220k but other similar homes from this same builder have been appraising in the $240-250k range.  I am thinking of paying cash and then financing so that I get back more cash to reinvest.  So do you think this is good idea?  If so do you know of any banks that have a quicker than 6 months seasoning period. 

    Renee
     

    I paid cash and refinanced withno issues. You can't "season" a mortgage that doesn't exist, so there shouldn't be an issue. 

    1Reply
  • Renee Yourk
    OP
    Acton, MA · Member since 2018 · 8 posts · 3 votes
    5y

    Thank you Shawnette, many banks have told me I have to wait 6 months even when I buy with cash.  Which bank did you use?

    0Reply
  • Renee Yourk
    OP
    Acton, MA · Member since 2018 · 8 posts · 3 votes
    5y

    Thank you Sabrina.  I spoke to Robert but Tropical requires Florida residency and I live in MA.

    2Reply
  • Ryan Robinson
    Investor · Laconia, NH · Member since 2015 · 11 posts · 8 votes
    5y

    Bumping this question up! I'm interested in this, as well. Good to know about Tropical requiring Florida residence, @Renee Yourk. I live in NH, so would have a similar problem.

    1Reply
  • Renee Yourk
    OP
    Acton, MA · Member since 2018 · 8 posts · 3 votes
    5y

    I should clarify that Tropical requires residency if you put property into an LLC.  The owner of LLC has to be a resident.

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    5y

    So you are looking to get financing for a property held by a Florida LLC?

    0Reply
  • Renee Yourk
    OP
    Acton, MA · Member since 2018 · 8 posts · 3 votes
    5y

    I'm planning to get traditional financing in my name and then transferring to an LLC but Tropical keeps all their loans and they told me that the owner of the LLC would have to be a resident.

    0Reply
  • Shawnette Pankey
    Altamonte Springs, FL · Member since 2017 · 24 posts · 14 votes
    5y
    Originally posted by @Renee Yourk:

    Thank you Shawnette, many banks have told me I have to wait 6 months even when I buy with cash.  Which bank did you use?

     I use OwnUp (broker) and the bank I went with this time was Union Home Mortgage. The process was a total cluster****, but it finally went through. I blame the issues on poor communication (Union Home, not OwnUp. My guy at OwnUp is awesome.)

    1Reply
  • Lisa P.
    Investor · NJ · Member since 2020 · 11 posts · 4 votes
    5y

    Hi Renee, I'm a FL mortgage broker.  If you want me to look into this for you, let me know.

    0Reply
  • Nick Vignone
    Developer · Richmond, VA · Member since 2016 · 4 posts · 1 vote
    5y

    Most local/small banks will give you the best terms. They were giving about 80% ltv a few years ago, getting more like 70% now. 

    0Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    5y

    Delayed financing can get tricky.  You have to show where the money came from and I have found if there are multiple owners they both need to be on the mortgage as well as title. In addition you can get 70% loan to value for a delayed financing and 80 for the refinance but different banks may have different requirements.

    0Reply
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