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Updated about 7 years ago, 10/09/2017
Refinancing a deal without seasoning
Do any of you have any preferred lenders when making a BRRRR deal? Any banks able and willing to refinance without a seasoning period? How have you gone about finding refinancing? Have you just called the banks and asked the question? What type of bank typically fits the profile?
- Rock Star Extraordinaire
- Northeast, TN
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If you just want your cash back out, you can do that any time. If you want a refinance based on appraisal, you have to wait.
- JD Martin
- Podcast Guest on Show #243
I'm in Milwaukee, WI but the process is the same and doesn't matter which state you are in. You would call banks and credit unions and ask them the questions you need to have answered. You will ultimately, go with the best one. We are in the process of getting financing done and we called 15 financial institutions.
Good luck,
MH
My understanding is any conventional mortgage is tied to a 6-12 month seasoning for any cash-out refinance. (Federal Fannie Mae and Freddie Mac rules)
Some/most banks will do a refi based on the price you paid for the house plus documented reno costs, but they won't include any appreciation.
You'd have to go to a private lender or commercial loan to get anything different.
@Chase Webster If you purchased the property in cash doing a delay refi(based on appraised value) can be done without seasoning however if you purchased with a lender you will need to have at least 6 months of seasoning. If you purchased in cash I can give you a good guy who can get it done for you. Be well.
Originally posted by @Chase Webster:
Do any of you have any preferred lenders when making a BRRRR deal? Any banks able and willing to refinance without a seasoning period? How have you gone about finding refinancing? Have you just called the banks and asked the question? What type of bank typically fits the profile?
Chase,
I don't want to break any forum rules - send me a PM! Let's talk.
Marty J
@Marty Johnston smart man!😂😂. You will be placed in BP jail. Not a fun place to be.