New Jersey Real Estate Q&A Discussion Forum
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Cash Out ReFI lender recommendations?
Hi all,
Got really lucky and found a deal in Ocean Co, picking it up for $115K, needs about $10K max in work (flooring, paint, cleaning), and will rent for about $1600/mo. Its an attached ranch with comps in the area going for $160-170K after repaired. Definitely a BRRRR worthy property.
I am closing next week and will have a tenant in no later than Sept 1, sooner if possible.
I'm seeing that a lot of banks and credit unions require minimum 6 months seasoning before cash out/refi. Does anyone have any recommended lenders, banks, credit unions, etc that do cash out refi sooner than 6 months? I've seen things about Philadelphia C.U. and other places in PA that have done it with zero seasoning time, but haven't seen much on this site about institutions that will loan that quickly on NJ properties. I'll call all the local banks and C.U.'s as well as my mortgage broker, but just figured its worth asking on here to save some time and legwork.
Thanks!
Brian